Making A Will
A ‘Will’ is the legal document declaring whom the testator wishes to manage their estate in the event of their passing. This estate may consist of extravagant things from property portfolios to jewellery but may also reference small sentimental items including pictures.
Do I Need A Will?
Writing a will can often be neglected and something many put off. However, Will writing can prove important in protecting the best interests of your loved ones.
With potential both savings on Inheritance tax (which is currently set at 40%) and the ability to avoid unnecessary disputes on dividing your possessions its easy to ask yourself why you wouldn’t make a Will.
Essentially if no will is left in place, then the estate is divided in the standard method defined by the ‘law of intestacy’. It is useful to consider that this may not align with your own interests and that you may want to personally appoint both your own delegated beneficiaries (the individuals whom benefit from your estate) and executors (those whom execute your will and manage the financial process).
There are many differing reasons as to why someone may want to write a will, including:
Will my Will affect my children? In additional to providing financial support, if your children are under 18 you may want to consider who would care for them in the event of your passing by nominating a legal guardian within your will. Without this and in the absence of another person with parental responsibility, your children’s guardian will be at the discretion of the courts. It is worth considering that they may not select the people you would like and therefore it is critical to record your desires for this in your Will.
Do I need a Will because I’m not married to my partner? It is especially important If you wish for any of your estate to be shared with your partner outside of marriage that you list these wishes in a Will, as you cannot expect anything to be delegated to them if you do not have one in place. This can even potentially go as far as them being unable to remain in your home.
Can a Will help me save on inheritance tax? Estate valued at excess of £325,000 is subject to IHT (inheritance tax). Having a will can control how much of this you are exposed to. For example, leaving what is above the IHT threshold to a spouse can reduce the amount you pay. Inheritance tax does not apply on money and assets left to a spouse.
How can a Will help with my specific funeral wishes? If you have detailed requirements for your funeral, you can specify these within your will to assist those who will be making the arrangements.
Should you require any additional information in relation to Will Writing Service then please get in touch at [email protected] or call our team on 0330 127 8888 and our team will be more than happy to help.