Many people will put of making a will for a number of reasons, some believe that the ones they love will automatically receive the inheritance, or that writing a will is something they only need to do much later in life.
The truth is that many of us put it off until it's too late. However, It is important to bear in mind that, if you don't make a will, the law decides who gets what from your estate when you die. As a result, this could mean that your estate and inheritance may not be divided up as you might have wished. For instance, your husband / wife / civil partner / parents / children etc wouldn't necessarily inherit your whole estate automatically.
The answer is everyone. In particular, anyone with dependant relatives, (children under the age of 18, elderly relatives or relatives with a disability who have special needs), anyone who owns property or has any type of asset which you would wish relatives, friends or charities to benefit from.
This is a common misconception and dependant on the size of your estate, there are set rules which will be applied to determine who inherits and how much if you do not make a Will.
This is called having died Intestate. There are specific rules of intestacy which set out who will inherit and by how much if you do not leave a valid will, this may not be what you would have wished and in the worst case scenarios where relatives cannot be traced, your assets will be taken by the Crown.
No. You need to make a list of your property and assets and consider who you wish to benefit from your estate, ensuring provision has been made for dependant relatives. You should also consider who you would want to look after your children (Guardians) if they were still young.
A witness should not be:
In these circumstances the Will remains a valid and legal document, but the gift to the beneficiary cannot be paid.
A lasting power of attorney (LPA) is a particularly important document which unfortunately is unheard of by many. A LPA allows you to appoint someone you Trust who can take control of your affairs if you was to become incapable of doing so yourself.
There are two types of LPA:
Inheritance tax is set at a flat rate of 40% on your death (or 20% during your lifetime). It is payable on the value of your estate above what is known as the nil rate band, which is currently set at £325,000 for a sinle person and £650,000 for married or civil partnership couples.
You can pass on certain gifts and assets without paying Inheritance Tax, even if your estate is over the threshold. Examples include:
In relation to Inheritance Tax, giving away your home is considered as making a gift. The set of laws about passing on property can be complicated, so it's a good idea to contact Asset Wills for some free advise by either calling on 0800 612 0558 or by email: firstname.lastname@example.org
When passing on property, there are two main things about gifts to be aware of:
A Trust is a legal arrangement where one or more 'Trustees' are made legally responsible for holding assets. The assets - such as land, money, buildings, shares or even antiques - are placed in Trust for the benefit of one or more 'beneficiaries'.
The Trustees are responsible for managing the Trust and carrying out the wishes of the person who has put the assets into Trust (the 'settlor'). The settlor's wishes for the Trust are usually written in their will or set out in a legal document called 'the Trust deed'.
Trusts can be set up for a number of reasons, for example:
There are a number of different types of UK family Trusts and each type of Trust may be taxed differently.
There are other types of 'non-family' Trusts. These are set up for many different reasons. For example, to operate as a charity, or to provide a means for employers to create a pension scheme for their staff.
A Will is a legal document that clearly sets out your wishes for the distribution of your estate after your death. Having a clear, legally valid and up-to-date Will is the best way to help ensure that your assets are protected and distributed according to your wishes.
mirror wills consist of two separate documents that are almost identical. The surviving partner is usually named as the beneficiary of the first death, and then the same beneficiaries on the original will are handed the estate upon the second person’s death.
£150 for 2nd LPA (£125 for over 65's)
In the event that you became incapacitated through serious illness or injury, disability, stroke or dementia… who would you want looking after your property, finances, health and welfare?