Did you know if you die without a valid Will in place your spouse potentially does not get all of your estate? If you have children the surviving spouse only receives £250,00 if you have children, or £450,000 if there are no children.
If you are not married your partner is entitled to nothing under the laws of intestacy.
Did you know any assets remaining in your estate in excess of £325,000 after your death are taxed at 40%? The rules are slightly different if you are married, as the married couple get a £650,000 nil rate band, and assets in excess of this at the time of the 2nd death are taxed at 40%.
Did you know if you have not nominated the guardians of your minor children and you die, your minor children may potentially be taken into local authority care? If there is a dispute over which of your relatives are to take guardianship of your children, social services will decide.
You can ensure this does not happen by writing your instructions within a Will.
Did you know you can express your funeral wishes within your Will? Letting your loved ones know about your wishes in your Will can save much heartache and avoid family disputes.
You can also let your family know if you want to donate your organs for transplantation, and you can direct on preferred burial and places to scatter ashes within your Will.
Did you know if you are single you can mitigate some or all of your inheritance tax liability? By placing your assets into trust for the use of future beneficiaries, it can greatly reduce or totally remove any inheritance tax liability.
On an estate valued at £500,000 for a single person, the saving can be as much as £175,000! Did you know if you are married you can mitigate some or all of your inheritance tax liability? By placing your assets into trust for the use of future beneficiaries, it can greatly reduce or totally remove any inheritance tax liability.
On an estate valued at £800,000 for a married couple, the saving can be as much as £60,000! Did you know marriage automatically revokes your Will? It also revokes the Will of your mother or father who remarried after becoming a widow.
The ramifications to you is the new spouse will automatically be entitled to the first £250,000 of your surviving parents estate - even if they have only been married for 1 day, and you may end up not getting your rightful inheritance! Did you know if you have not instructed where your personal belongings are to be distributed within a Will or an expression of wishes, they will be distributed as the residue of your estate? This means the family heirloom you specifically wanted to go to?????? may not do so.
To ensure there are no issues or arguments ensure your Will dictates the destination of your belongings.
Did you know it is estimated 65% of the UK population do not have a Will, or their Will does not do as originally intended? Your Will should be reviewed on any life changing event - birth of children, death of partner or parents, your marriage or your divorce.
Receiving a large sum of money is life changing, and potentially tax liability changing.
Did you know at the time of your death all of your debts need to be paid off? This includes any mortgages, loans, credit card bills and any inheritance tax liabilities.
Writing a Will and utilising trusts cannot alter the first 3 aspects, however it can ensure there is no inheritance tax liability, meaning your family receive more.