Why You Need A Will
Although it is not the law in the UK to have a will, if you don’t have a valid, signed and witnessed will, the UK government will decide where your money, property and personal effects go. Dying ‘Intestate’ is the term for dying without a will, 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.
The common misconception is that only the super rich will be affected by inheritance tax but the fact is that anything above the value of 325,000 is taxable at 40% with no regard to the income of the inheritor. The tax subtracted is given directly to the Inland Revenue.
Roughly 10 million people in the UK could be suffer the wrath of huge inheritance tax bills, by planning a will you could avoid the frustration of inheritance tax and decide how your assets are disposed of. Around 67% of the UK population does not have a will and the benefits are benefits are vastly underestimated. Writing a Will is the first and most important part of any estate planning.
Most people who don’t have a will believe their assets will fall to their next of kin or children by default. This is not true as the intestacy law will be applied and your entire estate will most likely be taken by the taxman.
Before writing a will you need consider a variety of issues such as the total value of your assets, do you have a plan if you and your spouse die at the same time? Who will take care of your children or you if you become mentally incapacitated? Most lawyers will be able to help answer those questions and manage your will; you need to choose carefully 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.
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