Wills and Estate Planning
A will is potentially the most crucial document that you’ll ever need. Only you don’t need one whilst you’re alive; it’s after you’ve died that it could be essential.
Why you need a will:
Control over your assets
A will allows you to dictate how your assets will be distributed after death. Without a will, your assets will be distributed according to intestacy laws, which may not reflect your wishes.
Appointing guardians for children
If you have children under 18, a will allows you to appoint guardians to take care of them if you and your partner die.
Minimising family disputes
Having a clear and legally valid Will helps minimise disputes among family members over the distribution of your assets.
A will can also help you to minimise inheritance tax liabilities by taking advantage of tax exemptions and reliefs.
Protecting unmarried partners
A will is essential if you are unmarried or in a civil partnership, as the laws of intestacy do not recognise unmarried partners. Your partner may not receive your assets without a choice after your death.
Overall, having a will can provide peace of mind that your assets will be distributed according to your wishes and can help to avoid unnecessary complications and further distress amongst your loved ones.
We don’t write wills at David Burnell Financial Services, but we can certainly point you in the direction of will writers that have helped many of our clients over the years and helped avoid costly solicitors’ bills. We do, though, help many of our clients with estate planning.
Successful planning to minimise inheritance tax (IHT) can take many years to implement. However, given enough time and consideration, many people discover that proper planning can reduce IHT significantly and often completely, saving thousands of pounds in tax.
Please get in touch with us if you want to chat about wills and estate planning.
There’s no such thing as a silly question.