Making a Will
Do you have a Will? Does it need updating? Blacks Solicitors’ Wills & Probate team can help.
Making a Will is one of the most important things you can do, as it is your opportunity to set out what you want to happen to your assets when you pass away.
Your Will also presents you with the opportunity to:
- Choose who will look after your children
- Provide any funeral wishes
- Make any gifts of personal belongings or cash gifts to individuals or charities
- Decide how your Estate is split between your chosen beneficiaries
- Consider Inheritance Tax planning
- Consider Care Fees
Many people think their assets will just pass to their spouse or partner but this is not necessarily the case.
If you don’t have a Will then the law sets out who inherits your Estate, and complex rules apply. The law, usually referred to as the Intestacy Rules, doesn’t recognise many modern family relationships such as cohabiting couples or stepchildren. If you don’t have a Will disputes may also arise.
Our experienced Wills & Probate team will provide you with advice relevant to your circumstances.
Care Fee Planning/Estate Preservation
If you have built up assets during your lifetime, it is understandable that you may want to try and protect those assets for future generations.
We can offer you bespoke advice when planning for the future, to help protect your assets.
If you are a married couple or civil partners and have assets in excess of the Nil Rate Band (currently £325,000) it is always worth looking at Inheritance Tax planning in your Wills.
Since 2008, it has been possible for married couples and civil partners to leave their Estates to each other and, on the death of the surviving spouse or civil partner, the Executors can claim the Nil Rate Band of the first spouse or civil partner to die.
This means that the couple can leave a combined Estate of £650,000 before Inheritance Tax may be payable. Anything over this figure is taxed at the rate of 40%.
There are other Inheritance Tax reliefs such as the Residence Nil Rate Band, which may also assist in reducing the Inheritance Tax due.
For some clients, it is preferable for the Nil Rate Band to be inherited by other beneficiaries, which helps reduce the survivor’s Estate.
We can talk you through the options available and ensure that the Wills put in place are as tax-efficient as possible and are relevant to your circumstances.
If you have children from previous relationships, careful planning is essential to ensure that not only is the surviving partner financially looked after, but also that the children from previous relationships inherit.
We can provide practical solutions to help you cater for all of your loved ones in your Will.
For more information about Blacks’ Wills & Probate services (including arranging a home visit), or for a free no obligation discussion, please email or call us today on 0113 207 0000.