I will organise my Will tomorrow. Does this sound familiar? Is planning your Will on your list of ‘important job’s to do’, but somehow, you just never seem to be able to find the time? You’re no doubt managing many other daily life pressures, which result in ‘Making a Will’ being pushed to the bottom of your priority list.
You aren’t alone. Research by the Law Society indicates that 73% of 16-54 year olds don’t have a Will and just 64% of people over the age of 55 have confirmed their final wishes in a Will. The Society’s research also shows that in 2014 £8m went to the government instead of loved ones, because people died intestate (without leaving a Will). In addition, HMRC receipts from Inheritance Tax for 2015/16 exceeded £4.6 billion which is an increase of 22% from 2014/15.
To quote Andrew Caplen, President of the Law Society 2014/15, “Dying intestate not only means your final wishes will probably go unheeded, but the financial and emotional mess is left for your loved ones to sort out. This need not be your final legacy.”
You will most certainly want to have a say about what happens to any dependents in your care such as young children or even your much loved pet. Or perhaps it’s important to you to leave a part of your estate to a charity or an individual outside of the direct family unit. You can specify all these wishes in your Will. And with the right professional advice and planning, it may be possible to reduce the amount of Inheritance Tax payable or even avoid it altogether.
Depending upon your circumstances it may be suitable to create a Trust following your death. Such a Trust might be useful to protect assets against care fees or provide for a vulnerable beneficiary.
Getting the best advice
We would recommend you seek advice from a specialist Solicitor, be wary of Will writing firms.
Many Will writing services are unregulated, and may be unable to provide you with the correct professional advice. They may also offer little, or no protection should something go wrong. Look out for certifications from the Solicitors Regulation Authority and The Law Society.
So don’t put it off any longer. Let us help you plan your Will or a Trust today.