No matter how young or old you are everyone should have a Will and even when you have a Will in place it is important to review its contents every two to three years.

You should also review your Will when a major event happens in your life, such as times like these…

1. Marriage for the first time,

2. Re-marriage and you have children from previous relationships to provide for,

3. Divorce or separation,

4. The birth of your child or a child within your family who you would like to bequeath a monetary or specific gift to,

5. You inherit some money,

6. One of your named beneficiaries passes away,

7. You move house.

8. You buy a business

9. You sell your business

10. You suffer illness or injury.

It is especially important to make a Will if you are unmarried or you have not registered your civil partnership, as partners simply living together get nothing if not specifically provided for in a Will.

This could leave your partner in financial difficulties or even homeless.

Wills can be an important mechanism to use to help you to save inheritance tax.

Admittedly since the government announced in their Pre-budget report all married couples and registered civil partners can have use of a transferable nil rate band, which gives a surviving spouse or civil partner a total of £650,000.00 in their estate which is exempt from inheritance tax.

Our advice is that you should discuss your overall inheritance tax liabilities with a solicitor and a qualified financial adviser. Discover how the transferable nil rate band will actually work for you and what other options are available for you in regards to estate planning, in particular how you can protect your property from any future nursing home fees.

This kind of advice is not made clear in the media therefore you should consult professional advice.

Call our office now and make an appointment to see Keith Barritt