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:
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Your properties may be inherited by the “wrong” people.
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Disputes may arise between the family members, resulting in costly legal fees that consume the value of your estate.
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You could end up paying inheritance tax bills that can be up to 40% of your mismanaged money.
A more common issue we see due the ageing population is mental capacity which could affect you from writing a will. If you or a family member faces the risk of becoming mentally incapacitated, it crucial you get a Lasting Power of Attorney . Failure to have an LPA risks your assets and finances being managed by external deputy, which can be very difficult and expensive for the family. By getting an LPA you can ensure that a trusted family member or friend can be in control of your estate providing you and your family with peace of mind.
Hiring a professional to write your Will helps you avoid common problems that could make your will invalid when you die. Professional Will-Writers will offer you home visits, drop ins and advice on inheritance tax and trusts.
A Living Trust is not only more cost effective, but it also it minimises the time it takes to exchange assets. It bypasses the time-consuming process of probate and your assets can be managed without having to wait for a Grant from the court. A Living Trust ensures that your assets are transferred to designated beneficiaries by the successor trustee (the person who you have chosen to do so). Unlike a Will which only becomes effective when you die, a Living Trust is effective while you’re still alive. A Living Trust bypasses the time-consuming process of probate and your assets can be passed on to the named beneficiaries without the Grant from the Court.
The Wills and Probate team at Centurion Estate Planning provide expert guidance. Whether you are looking to write your Will for the first time or wish to update your existing Will, we understand how difficult this time can be and our estate planning team are here to put you at ease.
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.
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.
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.
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.
When you die your Will may be contested which shows the importance of having a will written by professional.
Writing a will is one of those things that is so easy to put off, or one. that we do not want to think about doing. But once you've done it you will get a great peace of mind and a sense of relief.
Looking to put a Will in place? Let Centurion lead the way. Simply complete our short contact form below or give our experienced team of Estate Planners a call and let us help you.
Call us free on 0330 133 2206 or fill in the form below and one of our Estate Planning Experts will be in touch.
