A Will is a very important legal document. Its purpose is to outline and instruct how a persons’ estate should be divided up in the event of their death. When thinking about your Will, one key consideration will be how you would like your property to be distributed and how you wish your dependants to be provided for. Not only does it ensure that your wishes are carried out to your specific instructions, it can also avoid a lot of unnecessary heartache and additional costs for your family should you die ‘intestate’ without a Will.
Despite its obvious importance it is a sad fact of life that many of us procrastinate over the drafting of a Will – perhaps mistakingly thinking it will take a long time to complete or that there is still plenty of time to ‘get our house in order’. In reality, it is never too early to put a Will in place and, to avoid any possible legal issues, it is best to have a Solicitor draw up your Will rather than take the task upon yourself.
You will be obliged to pay Inheritance Tax if the value of your estate is above £325,000. The standard Inheritance Tax rate is 40%, although it is only charged on the portion of your estate which is above the threshold.
Inheritance Tax (IHT) is a tax that may be payable on an individual’s estate upon death and will be dependent on a number of factors including the size of the estate and the types of transfers to be made. IHT may also be payable upon gifts made during a person’s lifetime and will be payable on any ‘chargeable transfers’ made either during your lifetime or upon death.
Inheritance Tax is a complex area however through the careful drafting of a Will it may be possible to reduce the amount of tax which may be liable from your estate on your death.
Enduring Power of Attorney
It goes without saying that a Will can only deal with your affairs after death. However, there may be circumstances during your lifetime when you may be incapacitated from, for example, a serious illness or loss of mental capacity. In such circumstances having an Enduring Power of Attorney prepared in conjunction with your Will should help ensure your loved ones can make decisions on your behalf if you are unable to do so.
How We Can Help?
At Hunt Solicitors we are experienced in drafting Wills no matter your personal circumstances. We will carefully guide you to ensure that you consider all of the major items which need to be addressed. If you feel you may be subject to Inheritance Tax we can also ensure that your Will takes this into consideration in order to potentially minimise your tax liability.
The team at Hunt Solicitors can help you with the following Wills and other related matters.
For more information regarding Wills please refer to our page on Common FAQs.
To speak with Ashling Gray, head of the Wills & Probate team, to discuss your circumstances, or to arrange a free initial consultation, please click here to complete our short form to book now and make an appointment.