It’s unfortunate that most Brits don’t have a will in place because they don’t want to structure one yet failing to sacrifice a few minutes of your time to meet with a professional will writer may cost your family thousands in tax if you were to pass.
The following scenarios are more likely to arise if you don’t have a will in place:
- Your properties may be inherited by the “wrong” people.
- Disputes may arise between the family members, resulting in costly legal fees that consume the value of your estate.
- You could end up paying inheritance tax bills that can be up to 40% of your mismanaged money.
How Failing To Have A Will Can Affect You And 3 Steps You Can Take To Ensure You`re Protected
Get a Lasting Power of Attorney (LPA):
Get a Professional to Draw up Your Will:
Get a Living Trust:
Why you should take out a will?
The Wills and Probate team at Centurion Estate Planning Group provide can provide expert guidance, this is whether you want to write a Will for the first time or wish to update your existing Will. We understand how hard this time can be but you can be assured our estate planning team will put your at ease with their sensitive down to earth approach.
- Be In Control
Firstly a will puts you in control. You can choose who will benefit from your estate and what they are entitled to. You also decide who will administer your affairs after your death.
- Minimise estate taxes
Another reason to have a will is because it allows you to minimise your estate taxes. The value of what you give away to family members or charity will reduce the value of your estate when it’s time to pay estate taxes.
- Marriage Effects Your Will;
Unless you make a will following your marriage, the rules of intestacy apply. This means that unless you have children, your surviving spouse will receive everything. If you have children, your spouse will receive the first £250,000 and half of the remainder of your estate.
- You Could Be Affected by the “commorientes” rules;
If you and your spouse were to have a simultaneous death such as a car accident and it couldn’t be deemed who died first then then it would be deemed to be the eldest. If you have children from a different relationship it could mean the children miss out on the inheritance.
- Your Will Can Be Challenged When You Die
When you die your will may be contested which shows the importance of having a will written by professional.
Looking to put a will in place? Let Centurion lead the way, simply complete our simple contact form or give our experienced team of estate planners a call and let us help you.