A Will sets out how your estate should be distributed when you die and will cover the assets that you hold at the date of death, not just when the will is made. It is a good idea for everyone to have a Will even if they think their circumstances are straight forward, or they don’t have a large enough estate to warrant having one. Changes in your circumstance can happen quickly, such as coming into money, family breakdown or the death of a loved one. During these times, updating or creating a Will is not at the forefront of your mind. Ensuring you have a current Will in place will mean that your estate will be dealt with in accordance with your wishes.
Inheritance tax planning
It is a good idea for everyone to be aware of the inheritance tax limits and the simple measures that can be put in place to avoid being caught out. Quite often, when a person considers the value of their property, pension pot and potential inheritance, they realize that they are or likely to be in the future, closer to the inheritance tax limits that they would have thought. It is a good idea to have provisions in place as often, life takes over and people don’t get round to dealing with these issues by seeking the proper advice, although it is always something that they intended to do!
We can help you draft your Will so that you can be sure that your assets and possessions go to those you want to receive them. It may be very simple, it may be much more complex, but we can help. If you think that you may be close to the inheritance tax limit, and you would like our advice, please get in touch.