If you do not have a Will, the following could happen:
- Spouse or civil partner may not receive all estate
- No one appointed to look after children
- Inheritance tax planning opportunities missed
- No choice over who will administer estate
Some people think a DIY version is fine. It is not. Why should you have a professionally drawn up Will?
- To ensure that a guardian is appointed for your children
- To appoint persons to deal with your estate following your death
- To control the future distribution of your estate
- To plan against any future liability to inheritance tax on your death
More about Wills
Inheritance tax planning explained
Inheritance tax will bite on your death if your estate exceeds currently £325,000 (the 'nil rate band').
Note that with effect from 9th October 2007 the unused portion of the tax free band of a deceased spouse or deceased civil partner can be transferred to the estate of the surviving spouse or civil partner.
The tax rate is 40% on the value of your estate in excess of £325,000 subject to the availability of the unused portion of the transferred band of a deceased spouse or civil partner.
It is essential that you consider your inheritance tax position and the steps that can be taken to mitigate your estate's potential liability to inheritance tax when considering the terms of your Will.
Probate - what happens when someone dies?
Lasting Powers of Attorney
Who will control your finances and property if you become incapable of doing so? Consider the use of a Lasting Power of Attorney
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