LMK LAW offers expert, friendly and easy to understand advice on Wills, Lifetime Gifts, Inheritance Tax Planning and managing your Estate.
WHY MAKE A WILL?
A will allows you to:
- Leave clear instructions about who you wish to benefit from your estate.
- Choose your own Executor. This is the person who will deal with your affairs on your death.
- Appoint Guardians to look after your children until they come of age. You can also make financial arrangements for their benefit.
- Make specific bequests to individuals. These can range from a wedding ring to sums of cash.
- Reduce Inheritance Tax exposure.
- Ensure that any children from a previous marriage or relationship will receive a share of your estate.
WITHOUT A WILL
- Your partner may not receive anything from your estate.
- Your estate is divided according to the Intestacy Rules and your spouse or civil partner may not receive as much as you would have intended them to.
- If you have no spouse or children, your parents or siblings may inherit your estate even if you would prefer it to go elsewhere.
- There is a greater likelihood that family disputes will arise.
- Your family could face a larger inheritance tax bill than necessary as a properly drafted Will can help reduce Tax liabilities.