Taking care of your future requires professional help
The right decisions now will:
- protect you and your wealth
- help benefit those you love
- and give you peace of mind
Statistics indicate that around 70% of Britons do not have a will.
This is bad news for their families and good news for the Treasury.
Last year, the Treasury made £18 million out of unclaimed estates from those dying without a will and without a family to claim it.
Many people think that that if you don't make a will, the money will go to your spouse. In fact, the state decides, through intestacy rules, what will happen.
In England and Wales, if you have children (including from a previous marriage), your spouse or civil partner can receive a maximum of £250,000 (including your home) and all your personal belongings. The limit was raised from £125,000 in February 2009.
The rest is split in two. Half is put in trust, on which the surviving spouse can draw interest for their lifetime. The other half goes directly to the children. If they are under 18, it's held in statutory trust until they come of age.
Where there are no children, in England and Wales the spouse or partner can inherit a maximum of £450,000, with the balance again being divided in two with half going to your parents or, if they're dead, your siblings or their children.
Fortunately, any joint accounts or jointly owned assets, such as your home, automatically pass to the other person before these limits apply. Even then it depends on how your home is owned.
|Paul Smith of Financial lifestyle Planning, says:
'Dying without a will leaves your spouse with problems at a distressing time. If there's no will, there are no executors to administer the estate, so the survivor has to apply for a grant of letters of administration before the estate can be sorted out. Until this is granted, assets, such as bank accounts, are frozen.' If you're living together and are not married or in a civil partnership, you have no automatic rights, so it's vital to write a Will.
To get your Will written quickly and professionally, please call us asap on 0116 2592371.
You especially need to take advice if you have stepchildren or it's likely your estate will have to pay inheritance tax (IHT). Inheritance Tax is charged at 40% on everything over £325,000. Married couples and civil partners inherit without paying tax and can use their partner's unused IHT allowance when they die, raising the limit this year to £650,000. The limit increases annually.
We also provide many other services in addition to Wills such as:
- Lasting Power of Attorney - to enable your loved ones to make decisions when you are no longer able to do so.
- Inheritance Tax Planning - ensuring your heirs recive your inheritance not the tax man!
- Property Protection Trusts - helping you protect your property from being swallowed up by care home costs
- Setting up Trusts - which are especially useful if you have young children.
Please view the rest of our web site to find out how we can help you.