A Will is a vital document to ensure your affairs are properly administered. It is important that specialised advice is obtained to ensure it is correctly prepared. Simon Goldring, a solicitor and member of the Chartered Institute of Taxation has prepared countless Wills throughout his 25 years experience in many cases acting as an executor to ensure caring and professional assistance is given to family members at the appropriate time.  The following are some key points to consider:

Ø      A Will is a legal document which specifies how you would like your assets and affairs dealt with on your death; 

Ø      If you die without having made a Will the law will decide who inherits your assets. This may not be in accordance with your wishes. By way of example most married couples believe that if they die without having made a Will all of their assets will pass directly to their surviving spouse. In most cases this does not happen and this can lead to unnecessary inheritance tax liabilities. Dying without having made a Will also leads to delays, hardship and worry to those you love and can result in increased costs due to confusion and disagreement between those who consider they should benefit on your death.

Ø      In your Will you can:

Ø           Specify who you would like to administer your affairs (appoint executors);

Ø            Indicate your funeral wishes (specify funeral wishes);

Ø           Indicate who you would like to care for your children if they are under   18 (appoint guardians);

Ø           Gift cash or specific items to particular persons (make specific gifts);

Ø           Specify who you would like to benefit from the remainder of your assets, when and upon what terms(distribute the residue);

Ø           Reduce the liability to inheritance tax (mitigate inheritance tax);

Ø      When you die inheritance tax may be payable by those you love. Subject to exemptions, the first £312,000 of your assets pass free of inheritance tax (‘the nil rate band’). Assets in excess of the nil rate band are subject to inheritance tax at the rate of 40%. A properly structured Will can save inheritance tax of over £124,800 or even eliminate inheritance tax;

Ø      Making a Will need not be a complicated process.

CONTACT ME ABOUT MAKING A WILL AND FOR A PRELIMINARY NO COST INHERITANCE TAX REVIEW OF YOUR CIRCUMSTANCES BY CLICKING HERE