Everyone should make a Will. There are no excuses for most people the process is economical and relatively straightforward.
Even for complex Wills with Inheritance Tax Planning and Business considerations they may not cost as much as you think and with careful planning the net benefit to your estate will often easily be offset by the legal fees incurred.
Wills are important as they determine to whom your assets (collectively referred to as your Estate) pass to following your death. The Intestacy rules which deal with the transfer of these assets where a Will has not been drawn up do not always produce the results you would expect. This can cause difficulties to those left behind following your death – an additional burden which you would obviously wish to avoid. Please see our guide “What happens if you die without a Will” below.
Inheritance Tax Planning
Until relatively recently it was possible, by using trusts within a will, to mitigate the effects of Inheritance Tax. Recent changes to the relevant tax law have simplified the situation for many people making new wills but may have adversely affected some wills which were drafted under the old law. In short your will may need review.
Reviews are always a good idea. There may have been a change in circumstances since your last will was drafted and in complicated financial or family situations some amendments to it and the way you deal with your assets may be appropriate. Wealthy clients will hardly benefit from the recent tax law changes as we were assisting them in avoiding the iniquities of the old system anyway and we shall continue to advise those who wish to benefit their families.