Will and testament
If you don’t make a Will, your fortune may not be passed to the persons you wish. On the other hand, if you die without an heir, the Crown is free to manage your assets. Making a will is the only way to have any control over what happens to your belongings and funds after you die.
A person who dies without leaving behind a Last Will and Testament bears the risk of leaving their families to deal with very complicated financial matters. Additionally, the money your family needs may not always be available at the moment they need it, which is why it’s important to be prepared for such an outcome. Making a Will can make a lot of things easier for your family, which is all the more important in the face of a tragedy.
By making a will, you can determine who gets to take care of your business once you’re gone. You also get to decide who becomes the legal guardian of your children should they be left parentless.
We realise that nobody likes to think about making a Will. Nevertheless, it’s one of the most important financial planning activities that everyone should do. Additionally, making a Will is very easy and relatively cheap. With proper help and preparations, you can be at ease, knowing that the formalities after your death will be reduced to a minimum.
Why should you make a Will?
- Without it, the court decides the fate of your children,
- You have no influence over what happens to your fortune,
- Your spouse’s inheritance may be limited,
- If your relationship isn’t formal, your life partner has no right to your fortune (of course, your partner can assert their rights in court, but this makes matter very time-consuming and complicated),
- If you have children from your first marriage, they may also not be entitled to your fortune,
- Inheritance Tax mitigation – your Inheritance Tax planning is an important part of your overall financial planning. The standard Inheritance Tax rate is 40%adn it is charged on the part of your estate above the threshold, which is currently £325,000. By choosing to make a Will, you have far more control over the tax, since you can include donations.
Still unsure if you should make a Will? How to go about making it and what should you include? Contact us. One of our consultants will give you all the necessary advice to help you understand the legal jargon, making sure that your Will is legally valid. We will guide you through the entire procedure and professionally support you in planning the distribution of your fortune.
Please fill out this form and one of our consultants will contact you to discuss your situation. You can also call us right now by dialling 07754 065691.
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