WILLS
DO YOU HAVE A WILL?
Unfortunately we all reach the stage at which it is important to have a will!
If you can answer Yes you are in the minority. 57% of adults in the UK do not have a will. Our Trust and Wills Solicitors can ensure you have a will which is unambiguous in law, ensuring your wishes are acted upon.
IS YOUR WILL UP TO DATE?
If you can answer Yes, well done. Half of us who have a will have not updated it.
Our Trust and Wills Solicitors can advise on ensuring your will continues to be appropriate.
WHY YOU NEED A WILL
Dying without a will leaves no control over who should benefit from your estate. The law will govern how your estate is distributed amongst your relatives. For example, if you are not married your estate would go straight to your children regardless of whether you have a partner. If there are no children the estate may go to your parents. Even if you are married or in a civil partnership, it does not necessarily follow that your estate will automatically pass to your spouse or civil partner. There are various monetary limits imposed by law which may mean that your estate will not necessarily pass to the people you would want. Our Trust and Wills Solicitors can advise on writing an effective will.
TAX IMPLICATIONS
Wills also play an important part in any tax planning exercise. There are many tax reliefs available on death and wills needs to be structured carefully to ensure you make the most of these exemptions. Dying intestate can be tax inefficient and expensive.
INHERITANCE & CAPITAL GAINS TAX
From April 2009 if you have assets worth more than £325,000 they are subject to inheritance tax (IHT) of 40%. In order to avoid this you need to plan ahead carefully and make your Will tax efficient. A staggering number of people with estates of this size do not plan effectively to avoid inheritance tax, with only a **quarter of people obtaining IHT advice.
WORTH MORE THAN £325k?
Many people are now over this limit when you take housing values into account.
If your estate is worth more than £325,000 speak to one of our specialist solicitors who will advise you on the options available to avoid IHT, such as gifting money to family, giving money to charity or setting up a Trust, thereby keeping your tax liability to a minimum.
IS A TRUST APPROPRIATE?
There are other important reasons for making wills. A will incorporating a discretionary trust, for instance, is one way of planning for the future so as to try and limit care home fees. If you wish to discuss if a trust is appropriate speak with a Solicitor from Davis Blank Furniss.
LIFETIME TAX PLANNING
It may also be possible for you to consider some lifetime tax planning by creating trusts and placing assets in them now. Call and arrange an appointment to speak with an expert Solicitor who can provide the best possible advice and guidance on having a Will written or updated.
CALL 0161 832 3304 FOR A CONSULTATION WITH A SOLICITOR AT DAVIS BLANK FURNISS
