Don't Wait for the New Year!!

Don't wait till the New Year to sort out all those jobs you promised yourself you would do this year and didn't get round to.  Start Now!!

Make a list of all the stuff you have been putting off and tackle them one at a time.  If making a Will is one of them start with that one see my main site http://www.bicesterwills.co.uk/ for all the infomation you need but if you have a question then email me gail@bicesterwills.co.uk and I will be more than happy to help you tick one off your list.

Should I bother making a Will?

What happens if I don't make one?

If you don't have a will when you die, your assets will be distributed according to the rules of intestacy. These set out precisely which relatives get what proportion of your estate, depending on its value, whether you are married and whether you have children.

The state's view of how it should be divided up may not be what you would have wanted. Surviving spouses, in particular, are likely to lose out, because they may inherit only a proportion of estates worth over £250,000, rather than the whole lot, as would normally be the case if there was a Will in place. 

What about if we are not married?

If a couple is not married, even though they may have been partners for decades, then the surviving partner has no automatic inheritance rights when the first partner dies, and could end up in serious financial trouble.

I'm divorced - is a Will important for me?

If you have already made a Will, your divorce does not alter its legal standing, but you may feel your former partner is well cared for in a new relationship. If this is the case, it's important to make a new Will - probably one that doesn't include your ex but does cater for any children from the marriage.

If you remarry or enter into a civil partnership, any former wills become invalid, so you will need to draw up a new one.

What about the children?

If you have children, you will need to make a Will in order to specify what arrangements should be made for them if one or both parents die before the children reach 18. This may involve financial considerations but it will also mean spelling out who looks after them.  A Will allows you to appoint Guardians, without this Social Services may be the one who decides who looks after the children.

Can a Will be used to reduce inheritance tax?

If you are passing everything on to your spouse or civil partner on your death, there won't be any inheritance tax to pay, because they count as 'exempt beneficiaries'. But when the second partner dies, IHT on what's left of the estate may become an issue.

The law was changed in 2007, to enable the £325,000 nil-rate band to be transferred between couples on the death of the first spouse or civil partner (so that when the second partner dies, the first £650,000 of the estate is free of IHT).

As a result, many people assume there is no longer much need to make a will in order to minimise IHT.

However, there are still several circumstances where writing and maintaining an up-to-date will is crucial if you are to make use of all the tax allowances available, which otherwise would be lost forever.  This may involve using trusts

How should I go about writing a Will?

It's possible to get do-it-yourself kits. However, if your family circumstances are in any way complicated, or if you think your estate will exceed the nil-rate band and you want to try and reduce your IHT liability, it makes a lot of sense to take advice and get an expert to do it for you.