Over half of UK adults have not written a Will, with 23% putting it off until they are older and 11% (often mistakenly) assuming that their estate will automatically go to the right person when they die. Having a Will in place before you pass away makes a big difference.
What can I put in my Will?
- Any burial and funeral wishes you may have
- Who you want to administer your estate (executors)
- A guardian to look after children under 18
- Specific gifts such as a legacy to a friend or a charity
- Who you want to benefit from the remainder of your estate
- Measures to mitigate potential care home fees
Your solicitor will also be able to advise you of the steps you can take to protect your estate if you want to exclude someone.
Inheritance tax is payable on death; however, it may not be relevant to you as there are tax free allowances available for individuals and spouses and also in relation to your main residence and any business assets.
Your solicitor can give you general advice about where you stand and any measures that can be taken to reduce your tax liability.
A Will is a legally binding document so it is best to seek professional advice from a probate solicitor – a Will that has not been executed correctly can cause a lot of problems.
Making a Will isn’t stressful or difficult and usually only takes a few weeks from start to finish.
Contact our Wills & Probate team now on 01482 323697W