Wills

Everybody should make a Will and review it, particularly if their circumstances change, such as by Marriage, have children or get divorced. In fact it is important to note that a marriage invalidates any Will made prior to the marriage.

Here are some reasons to consider why you should make a Will:

You can decide who should benefit (the beneficiaries) after your death. If you do not make a Will, under the law, you are said to have died intestate. The Intestacy Rules provide for who receives the residue of your estate (your property and possessions) and the people you might want to receive your estate may receive little, or nothing at all, and others may benefit whom you did not wish to do so.

Another reasson is Inheritance Tax planning. This tax may be payable on an estate with assets greater than £300,000 (at 6th April 2007)

The Chancellor of the Exchequer announced in his Pre-Budget Report that for deaths on or after 9 October 2007 it will be possible for spouses and civil partners to transfer their unused inheritance tax nil rate band allowances.

£300,000 may seem like a lot of money, but with the majority of people now owning their own home. Especially when you consider your furniture, a car, your savings and all your other personal belongings, (plus any death benefits due under pension or life policies) it is often surprising how it can add up.

If you have children then you can appoint guardians who will be responsible for your children's upbringing and welfare if, tragically, neither parent is alive; and you can appoint someone you trust (trustees) to look after your assets until the children become old enough to take responsibility for themselves.

Please call for an informal discussion about planning your affairs.