Why Should I Have A Will
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.
Most people do not believe they will be affected by inheritance tax; the illusion is that it will only be the super rich. This is a myth as in fact anything above the value of 325,000 is taxable at 40% regardless of income. The tax deducted is passed 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.
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.
