UK law does not require that you have a written will, however without a valid will your estate will be distributed according to a predetermined legal process.
This means that that your spouse, civil partner, partner or family may not automatically benefit from your estate as you would have wished. A valid will allows you to decide exactly what will happen to your assets after your death.
Why it is important to have a will:
- You, rather than the law, will decide how your assets be distributed;
- If you are in a relationship (not married/registered civil union), a will can ensure your partner is provided for;
- If you are married or have registered a civil union you may benefit from the nil rate band;
- If you have children, a will can ensure that the necessary arrangements are made in the event that one or both parents passes away; and
- You are able to ensure that you do not pay more Inheritance Tax than necessary.
About Inheritance Tax:
The law allows an individual to bequeath an Inheritance Tax Free amount of up to £325,000. The Inheritance Tax Rate is due at 40% on the amount over the £325,000.
What to consider before having a will drafted:
- What is the value of your estate?
- Do you have any specific funeral wishes?
- Who will be the guardians of your children?
- Who will ensure your estate is carried out according to your wishes after your death?
For help with drafting a will, contact Jo-Anne Deeb BA LLB (SA) of Sable Group on 0207 759 5391 or [email protected]