Have you made a Will?
According to the National Consumer Council 30% of over 65s, 45% of 55-64 year olds, and 61% of 45-54 year olds do not have a valid will.
It is important to have a will in place in order to assure all your assets and valuables go to the right beneficiaries and avoid creating any unnecessary tax bills for them.
If you don’t make a Will:
You Partner or spouse may not inherit all your belongings
You may create an unnecessary tax bill for your beneficiaries
Your unmarried partner could be made homeless
If you are separated, your estranged spouse may benefit
The courts may choose guardians for your children if your specific wishes are not documented
Your business may be divided up, sold or given to your ex-spouse
Dependents needing care may not receive your financial assistance
Others may claim on your estate creating costs and delays.
What are the tax benefits of making a will?
You are legally entitled to arrange your affairs in order to minimise the amount of tax owed. This can be achieved by making changes to the way you own your assets. Trusts are legal structures that allow you to control the ownership of assets. Whilst you are alive you have full control over the trusts and you can amend the names of those who benefit (beneficiaries), appoint trustees and vary the terms.