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Wills and Estate Specialist, Michelle Lawrence, explains the importance of having a Will and how it could reduce the amount of Inheritance Tax due.

A Will, otherwise known as a Last Will and Testament, lays out a client’s final wishes in a formal and binding document.  The document explains how a person wishes their money and assets to be divided, and their wishes for after their death.

I find that most people have a general knowledge of Wills, what they are and what they do however not everyone understands the importance and not everyone has one in place.

Not having a Will in place can cause severe implications for a family after their loved one’s death.  If a loved one passes away intestate (not leaving a Will) the state decides how the estate is divided.  People tend to assume that everything will be passed to their spouse, this is not always the case as it depends how they own their assets.  Complications can arise with common law partners who co-habit as they are likely to keep their assets separate.

Sometimes the state divides the estate exactly how the loved ones wish but unfortunately this does not always happen, and it is therefore extremely important to have a Will in place and keep it updated.

Inheritance tax otherwise known as IHT, is payable on the estate of someone who has passed away and is charged at 40 percent on estates above a particular value.

Leaving a Will could be one of the best decisions a person could make when trying to reduce the amount of tax due on their estate.  If you do not leave a Will, your estate could end up paying more in tax.

My advice would be to take action sooner rather than later.  While the topic of death is one which not many people wish to discuss, tackling the issue head on is likely to reduce complications in the future.

When I meet with clients for the first time, I always ensure they know and understand what a Will is.  We then sit together and make a note of their wishes, who they would like to receive certain aspects of their estate.  I understand that this can often be a sensitive subject for clients, therefore there is no rush for them to decide, the meeting can go as fast or slow as they like.

If you would like more information or to book an appointment, please contact us.