| |||||||||||||||||||||||||||||
Most people think that making a Will is just about making sure that people they care about get what is due to them, But it isn't always the case, Especially when you consider Inheritance Tax is currently payable on everything over £325,000 (2009/10). It's highly probable you are already liable for Inheritance Tax just by owning your own home or other property. Future legislation may change these rules and for this reason you should review your Will regularly to make sure it's up to date. With our help you can avoid paying any unnecessary levels of Inheritance Tax by utilising a Trust, where your assets are held for your loved ones- FREE of Tax. With our advice you can determine the beneficiary of your estate is not the Tax Man! Making a Will prevents you from the rules of Intestacy which can be a nightmare at a time of family grief, Some ways in which making a Will can be helpful... · Doubling up on the nil rate band. Rather than leaving everything to your spouse, a more tax efficient strategy is to leave money or assets up to the nil rate band (£650,000- 2009/10) to someone else. Though it sounds simple there are many pitfalls and you would benefit from talking this through with us. · Skipping a generation. Instead of leaving all of your assets to your children- who may already have Inheritance Tax problems of their own, you could use your Will to leave your assets to your grandchildren, perhaps creating a Trust if your grandchildren are too young to deal with an Inheritance. · If you can't avoid Inheritance Tax. It is worth bearing your liability in mind when your Will is written. You will probably wish to reduce specific bequests accordingly because whoever is to receive the residue of your estate could find their share significantly diminished after the tax is paid. We will be able to help you decide what is best for you and your family, contact us on 01245 490808 RULES OF INTESTACY... If you die without a Will, that is you are intestate, then the law decides who inherits what. This is a quick guide to what would happen and should not replace seeking the advice of a qualified Will writer. If you would like to talk to a professional Will writer, please contact us If you have a lawful spouse If your estate is worth less than £125,000 then your spouse gets everything. If your estate is worth more than £125,000 then your spouse would get £125,000 and all personal belongings with the right to take income from half the remainder, but not the capital itself, in half of anything over this sum. Your children would get half the sum over £125,000 immediately (If children are minors, held in trust for their benefit) and be entitled to the other half on the death of your spouse. Should any of your children die before you then their children would be entitled to take their parent's share. If you have a lawful spouse, no children, but other relatives Your estate will be shared between the children. Should they die before you then their children would take their share. If you are not lawfully married, have no children, but have parents or have brothers/sisters/grandparents/aunts/uncles Your estate will go the Crown!
|
 |
|  |
