A wise man once said that the only things certain in life were taxes and death. Fortunately it is possible to plan so that your assets can be left in accordance with your wishes and with early tax planning any potential liability can often be minimized and sometimes completely excluded. The purpose of a Will is to make sure that your wishes are carried out. If you do not make a Will there is no guarantee that any arrangement you have made will be followed. If you do not make a Will it is perfectly possible that some or all of your property will be left to persons who you do not wish to benefit.
In recent years a large number of families have fallen into the inheritance tax bracket. Financial Advisers have called this a voluntary tax, since large numbers of people who end paying it could have avoided doing so if they had consulted with their solicitor and or financial adviser. While the Government sets down a limit below which no tax is payable, any assets over this limit attract duty at 40%. There are perfectly legally and straightforward ways to plan so that all but the largest estates avoid paying some or all of the tax.
For all estates, even those which are not liable to tax, the importance of making a Will is that it nominates one or more people to carry out your wishes and states exactly what you wish them to do after you die. This can take a great deal of stress and uncertainty out of a very traumatic time in the life of your family.
If you wish to consult with us about making a Will, we would suggest that you prepare a full list of your assets – bank accounts, pensions, insurance policies and other investments. Please then arrange an appointment and we will discuss the matter with you in detail.
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