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 will receive the first of £250,000, any personal possessions and one half of anything that remains with your children receiving the remainder.
Fortunately, any joint accounts or jointly owned assets, such as your home (unless this is held as 'Tennants in Common' automatically pass to the other person before these limits apply. Even then it depends on how your home is owned.
The laws of Intestacy are quite complex (see our flowchart by clicking here) so it is important to clearly define your beneficiaries by effecting a Will.
|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 email us asap.
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 £450,000 (£325,000 + up to £125,000 for the value of your home). Married couples and civil partners inherit without paying tax and can use their partner's unused IHT allowances when they die, effectively doubling this limit.
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.