We all want those we care about and who depend on us to be well cared for after we’re gone. The best way to do this is through a carefully thought out inheritance plan, which is orchestrated by a legal document known as a Will.
In this blog, we’re going to look at just three ways a Will could help those you leave behind.
- Financial provision
Without a written Will, your estate will be split up and distributed by the laws of intestacy. To avoid this, and to ensure your wealth is applied as you wish, a well-drafted Will can dictate how, when and by whom money can be spent. For example, even on the first death you could ensure that money is set aside for your children’s education and beyond that to provide for their first home.
A Will isn’t just about your wealth. You can also use one to decide who should look after your children, should you die before they turn 18. If you don’t, the courts would have to appoint a legal guardian you may not agree with.
- Inheritance Tax
If your estate exceeds the Inheritance Tax threshold on your death, your family would be left with a large Inheritance Tax bill. To help mitigate this liability, lifetime gifts should be considered, as if you survive for at least seven years, these gifts will avoid IHT. To maximise the benefit for future generations, the planning should start TODAY.
An effective Will gives you the reassurance that your family, friends, and businesses will be well looked after. For help and advice, contact our Private Client team TODAY. Don’t leave it to chance…