It is staggering that a large majority of people do not have a Will. Yet if they own such possessions as a home, car, investments, a business, jewellery, works of art, or any items of value then they really do need a will.
A will enables you to decide to whom you wish these assets to go. If you do not have one then the laws of intestacy will apply. This can have disastrous consequences.
- It could be that the people that you want to benefit from your estate do not.
- Someone may benefit from your estate that you would not wish to.
- You could have a Inheritance Tax Liability that could be avoided.
- You would not have any say with regard to who were your Executors
- Someone who is near and dear to you may not get the care that they need.
- You would have no say regarding who looked after your children – a court would decide.
- You could leave your spouse short of funds at a time that they need them most.
- You would cause your family a tremendous amount of inconvenience just at the time they could do with out it.
Changes in IHT legislation with regard to the transferability of the nil rate band between spouses / civil partnerships have caused many wills aimed at utilising the nil rate band on the first death to now cause detrimental results. Consequently, even if you have a will, it is possible that this needs to be reconsidered to gain the best tax advantage.
At DEB Chartered Accountants we are concerned that many people in business are in a position whereby the threat of IHT is gradually creeping upon them and, as a consequence, action needs to be taken to prevent it. The preparation of a will is a key starting point to doing this. At DEB we can prepare your will for you and help you avoid all the problems listed above. Our purpose made company, ‘Where there’s a Will there’s a way’, can help you ensure that you have a suitable Will in place.
If you have any concerns in this regard, please do not hesitate to contact us.