A Will is your opportunity to say exactly how your assets should be dealt with after your death and who should receive them. Making a Will is the only way to have certainty that your wishes for the future will be carried out.
When looking at making a Will, the question of what to do or what to include can seem overwhelming. However there are some basic areas to consider:-
- Executors — These are the people you appoint to handle your affairs after your death
- Beneficiaries — The people who are to receive your assets when you affairs are wound up.
- Guardians – If you have children under the age of 18, you can also include ‘Guardians’ in your Will who would act if no parent were living. The Guardian’s role is to help look after the day to day care and upbringing of the children.
- Inheritance Tax — Everyone has a tax free amount they can leave on death of £325,000.00. However, assets over this allowance will be taxed at 40%. As part of making a Will, it is important to review your assets and to take advice on how it can be made as Tax efficient as possible.
Wills can be very flexible in how you leave your assets and can include a range of outright gift of objects (such as family heirlooms), sums of money, or money being placed into Trust for more long term issues such as providing for young children.
As part of our Will writing service, we are happy to advise you on the suitability of the various types of gift you can make in your Will.