Wills and lasting powers of attorney
Does This Sound Familiar?
You don’t have a Will but it’s been on your to do list for some time?
You have children but haven’t formally arranged guardianship?
You want to ensure your wishes are met and limit the possibility of inheritance tax
What if you die without a will...
Most people believe that if you don’t have a will, everything simply goes to their spouse. That is a mistake that could have serious implications.
You decide how you spend your money and where to invest, and it should be the same after death. Wills are an essential first step in that planning process. Estate planning helps minimise tax payable when passing assets on to family and others. Planning means you’ll pass on more of your assets by paying less tax.
Lasting Power of Attorney
A Lasting Power of Attorney, which enables a person to appoint another to manage their financial affairs when they may be unable to act for themselves.
Did you know
- It can take up to 6 months for someone’s finances to settle without a valid Will.
- Your spouse is only entitled to £250,000 and half the remainder if there are children plus chattels. If you have not made a will, this could cause serious implications. For instance, assuming there are no children and relatives to inherit your property, the estate will go straight to the Crown.
- In the UK, approximately 2 million families are accountable to Inheritance Tax on their estates. A valid will can help reduce these costs. Over 100,000 homes are sold each year to pay for the cost of long-term care, a valid will or a property trust in place can therefore help prevent this to ensure your loved ones retain ownership and control.
Reasons why you should make a will
- You have a purpose of leaving something behind to close friends, distant relatives and colleagues. This can only happen under the provision of a completed will at present.
- Protecting inheritance for those receiving it i.e., children, stepchildren and grandchildren.
- Appoints guardians for children and therefore passes on parental responsibility.
- Making funeral requests known.
- Creating a will is imperative if you are planning to ensure that your wealth benefits those of your loved ones, and not taken by taxation, unnecessary legal costs and beneficiaries chosen by the law.