Useful Facts about Making a Will
The absence of a will can cause problems, heartbreak, financial hardship, and unnecessary expense for your family at the very worst possible time.
For a small investment of time and money, you can choose exactly what you want in your will, protecting your loved ones whilst enjoying peace of mind.
Making a will is a good start, but you may also want to consider the following issues:
- Protecting your children’s inheritance, some or all of your children’s or grandchildren’s inheritance could be lost without the correct bloodline planning.
- The divorce or separation settlements for future generations, creditors, or bankruptcy claims. Their care costs or further Inheritance Tax bills.
- Protecting your home and assets from care costs. Only those who have very few assets will escape the costs of care.
If You Fail to Act Now
- Your home may have to be sold to pay for your long-term care costs.
- Your savings and investments could be wiped out.
- Any income would be assessed and used towards the cost of your care.
- Your children and grandchildren could lose their entire inheritance.
Protecting The Family Business
Naturally. You would want to ensure that your loved ones benefit fully from your business.
Without The Appropriate Business Succession Strategies, Here’s What Could Happen
- Your spouse or partner and children may not inherit your share of a business.
- Business partners may not be able to buy out the deceased share
- The surviving spouse or children may be obliged to take over the running of the business.
- The value of the business could depreciate owing to the inexperience of any beneficiary.
- The business may have to be sold and the proceeds may become liable to Inheritance Tax.
Take a Few Moments to Answer the Following.
- If you total up the value of your own, or your spouse or partner’s assets, including any insurance policies, death in service benefits and pension values do they come above what is known as the Nil Rate Band for Inheritance Tax Purposes, which is currently £325,000 per person.
- Do you have in-laws who you would not like to receive or even gain control of your family business?
- Are you concerned that future divorces or separations in the family may dilute the assets which you have left for your children, grandchildren, and further generations?
- Have you left money to minors in the will which you would rather be managed by members of the family rather than a local solicitor? Or worse still the Courts with associated costs?
- Have you left assets to a family member who receives disability benefits from the state or other state benefits?
- Are you concerned that if you go into care your assets, especially your home can be lost to pay for your care?
- If you have not yet made a will or answered yes to any of these questions, then please call us, or send a message, you can do that by clicking HERE for a confidential no-obligation chat.
Contact Your Local Will Writing Service and talk to us about Making a Will