Wills and Inheritance Tax Planning
The purpose of making a Will is for you to retain control and to ensure that your assets are divided the way you want them to be. If you do not make a Will, however, the law of intestacy applies. This means that you could lose control over how your estate is dealt with. For example, the law does not recognise unmarried partners as next of kin unless you make a Will.
Generally, Wills are quick and inexpensive to make, and our advice is that everyone should consider making a Will. This will ensure that your money and property go to the right beneficiaries when you die and that the right people are instructed to look after funds where beneficiaries are unable or too young to do so.
Guardianship and children
If you have young children, we also advise you to think about who will look after them if anything were to happen to you. It may also be important to think about arrangements for stepchildren, half siblings or unadopted children of the family.
A common misconception is that Inheritance Tax (IHT) is of concern to only the very wealthy. However, house values have risen so much that more and more estates are caught by it. We can advise you on the best way to structure your Will to minimise any IHT liability.
Contact Michael Barlow to find out more or call us on 01295 253211.