UK law does not force you to have a will, if you do not have a valid, signed and witnessed will, the UK government will decide where your money, property and personal effects go. Dying without a Will is called dying ‘intestate’ which means that when you die, some if not all of your estate will go to the government.
Your Will needs to be correctly authored and signed to guarantee your estate is dispersed as you wish. This should minimise the effect 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.
Approximately 10 million people in the UK could face massive inheritance tax bills; a well planned Will could eliminate the burden of inheritance tax and let you plan how your assets are disposed of. Nearly 67% of the UK population does not have a will and while some may simply have no need for one, everyone could benefit from one.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.
categories: money,finance,law,tax,inheritance,will,estate,assets,income,inherit,intestate
