It has never been more important for people to write a will. The rules of intestacy, which determine who will inherit in the absence of a will, were not designed for today’s more complex family dynamics, which means it’s far from straightforward working out how the estate will be shared out.
There are some individuals – unmarried partners and stepchildren, for example – who are excluded from the rules, so the division of assets may not work out as the deceased might have wanted.
The same rules of intestacy also apply in the event of a will that is not legally binding. This can often happen when a person has chosen to write their own will.
People still decide to draw up their own wills, but there are so many issues that can easily be missed, resulting in a will that cannot be acted on. It’s far more sensible to have a will professionally drafted.
Newlife Wills can help you with this process. Get in touch today for a no obligation home visit.
IHT is a tax on the estate of someone who has died (the current rate is 40%). There is usually no tax to pay on an estate valued at less than £325,000.
However, if your estate is valued higher than £325,000, it is possible to reduce the rate to 36% by leaving 10% or more of the net estate to charity.
If you have children under the age of 18, it is important to make provision for them in the unlikely event of your death. There are four main areas to consider.
1. Who will be the child's guardian
2. Who will look after their finances
3. If you often travel together as a family, it’s worth considering a default position should something happen to you all.
4. Regularly review the will -when children reach 18, different provisions may need to be made.
If you would like to learn more about writing a will or leaving a gift in your will to a charity, get in touch with us on 01843 598620 or email us at firstname.lastname@example.org
We hope you found this article helpful!
Newlife Wills team.