Why you need a Will

No matter how young or old you are, every adult should have a Will.

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.   You or your children get divorced or separated, 

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, executors or guardians dies or becomes incapacitated, 

7.   You move house. 

8.   You buy or sell a business 

9.   You have to provide care for a family member 

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. 

Not leaving a Will could leave your partner in financial difficulties or even homeless.

Addressing Inheritance Tax

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

Nowadays, 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.

However, there are many other ways in which inheritance tax can become payable and many ways in which making a Will can help you avoid this.

Our advice is that you should discuss your overall inheritance tax liabilities with a solicitor. We can show you how the transferable nil rate band can work for you and what other options are available for you in regard to estate planning, including how you can protect your property from being used to pay care fees. 

This kind of advice is not made clear in the media. You should therefore take proper professional advice.

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