If you have not yet made a Will then it is very important that you seriously consider rectifying this. A Will is essential if you are to minimise your Inheritance Tax (IHT) liability, ensure that your assets are distributed as you desire, and make sure that all your loved ones are taken care of.
The important questions that you need to consider are:-
Who do you wish to leave your assets to when you die? Your spouse and children are obvious choices. Some provision has to be made for their welfare, but how do you wish to divide your assets between them? Is there anyone dependent upon you that has special needs? Do you wish to give to anyone else, including charities?
What is it that you wish to pass on to those you have decided to benefit? Your home is probably your major asset that requires careful consideration. What about your pension benefits and proceeds of insurance policies? Have you made provision to avoid these aggravating your IHT position? Are there any specific gifts you want to make to someone? Have you thought about what will happen to your business when you die?
When would you like the beneficiaries of your Will to obtain the assets that you are leaving? Leaving substantial sums to teenage children may not be what you wish to do as you may consider them too young at that age. Would you consider giving some of the gifts now?
Why bother? Well if you do not take positive action and make a Will, the consequences of dying without one could cause serious problems for those who have to resolve your estate. This could result in significant amounts of tax being paid needlessly, and potentially result in people ending up with your assets who you would not like to get them, including the State.
DEB can help you consider all the options available to you and find answers to these difficulty questions. So don’t leave these issues to chance. Contact us as soon as possible and we would be happy to assist you in creating a suitable Will so that you can have the peace of mind that comes from knowing that when you die, your belongings will be distributed as you would wish.