Why should I make a Will?
According to latest statistics, each year 250,000 people die without leaving a Will. Many of the people we advise are extremely surprised to learn what would happen to their assets if they died without a will. For example, married couples often assume that their assets would automatically pass to their surviving spouse. This is not necessarily the case. In certain circumstances, the surviving spouse might have to share the estate with the children or brothers and sisters of the deceased or even their children.
There are many good reasons for making a Will, including:
• You can specify who will inherit your estate.
• A well written Will can save Inheritance Tax.
• You can choose who will have the responsibility of ensuring that your wishes are carried out.
• You can name guardians to look after your children.
What do I need to think about when I make a Will?
A number of things need to be taken into account when drafting a Will and without the help of an expert, there is a real risk that the Will could be invalid. Consider who you would like to be your Executors, someone you trust, who you would like to be Guardians of your young children and who you would like to leave your money to.
At Sleigh & Son, we have been drafting Wills for our clients for over 110 years. For extra peace of mind, like all solicitors, we are required by the Law Society to have professional insurance cover. This is not the case with some Will Writers, who are under no obligation to have any insurance to cover their mistakes.
For advise on making or updating your Will, contact Andrew Platts on 0161 370 9524
What if I don’t have any relatives to leave my assets to?
If you die without a Will and there are no blood relatives, however distant, then your estate is bona vacantia and goes to the Crown. You may want to consider leaving your assets to charities you favour, the choice is yours.
How can I ensure my Estate pays as little tax as possible?
When advising our clients in connection with their wills, we are able to give detailed advice on how assets could be dealt with to minimise liability to a variety of taxes, including Inheritance tax, Capital Gains tax and Income tax. Often it is appropriate to take steps during a person’s lifetime in order to save as much tax as possible.