It is not the law to have a will but if you don’t have a valid, signed and witnessed will, your property, money and personal effects will be relocated by the government. Dying without a Will is considered dying ‘Intestate’, meaning that when you die, the government will get some if not all of your estate.
You will need a correctly authored and witnessed Will to guarantee your estate is spread as you wish. Doing this should reduce the burden of inheritance tax, and ensure that suitable guardianships and care arrangements are made for children.
It is popular belief that only the super rich will be affected by inheritance tax. The fact is that anything above the value of 325,000 is taxable at 40% regardless of income. The tax subtracted is given directly to the Inland Revenue.
Approximately 10 million people in the UK could face massive inheritance tax bills; a well planned Will could eliminate the burden of inheritance tax and let you plan how your assets are disposed of. Nearly 67% of the UK population does not have a will and while some may simply have no need for one, everyone could benefit from one.Writing a Will is the first and most important part of any estate planning.
The common misconception is that if you don’t have a will, your assets will fall to their next of kin or children by default. Unfortunately the default rule will see some or all of your entire estate going directly to the government.
You need think about a variety of issues when writing a will such as the total value of your assets, who will take care of your children or you if you become mentally incapacitated? Most legal experts will be able to help answer those questions and manage your will so ensure they are reliable as those people will become legally responsible for the distribution of your assets in the event of your death.
If you are looking for a qualityCheshire solicitor then talk to Oneill Morgan for advice on Wills and Probate.
