What is it?

The idea is to establish how best to prepare a vehicle that will allow you to distribute your estate in the manner that you wish. The best way to do this is to execute a Will. A Will is a document that deals with many different issues and, as a result, has many different clauses within it.

What are the benefits of making a will?

Control: your Will enables you to ensure that your property passes to the correct individuals.

Certainty: avoids unnecessary and inevitable disputes over entitlement to property.

Tax Avoidance: a well drafted Will can help you to reduce your Inheritance Tax liability. For those estates that attract such tax the net result could be a 40% reduction in the value of that part of your estate.

Personal Representatives/Executors: a Will allows you to appoint an individual(s) of your choice to execute your Will.

Guardians: this allows you to choose those responsible for the welfare and upbringing of your children in the event of your death.

Powers: you are able to grant specific and enhanced powers to your personal representatives to assist with the administration of your estate.

Confirm your Funeral Arrangements.

Planning a Will

In order to derive the best results and advantages of making a Will you need to ensure that the Will is planned correctly. You will need to list all of your assets, their values and liabilities. Remember, any assets that are owned jointly fall outside your will and pass directly to your spouse or partner unless other provision is made, with the exception of property depending on how this particular asset is actually owned. That said, these assets can still attract Inheritance Tax. Similarly, any joint liabilities fall upon your spouse or partner unless similar provisions are made.