Preparing a Will
Some considerations
Before we write your Will it is useful for you to consider in more detail what you would like to happen with your assets and possessions and who you would like to establish as beneficiaries. You should also consider what should happen if they die before you.
Your Estate
Many of our clients want to make Wills ensuring that their entire estate is left to their surviving spouse (or civil partner) but if he or she has died before them, then to their children (or step-children) in equal shares. You may wish to make specific gifts to relatives or friends or in the case of any minors, ensure that the money is held on Trust for them, until they reach a certain age.
Alternatively, you may want to make exclusions from your Will or leave a donation to a charity. You may wish to use your Will to protect your Estate from potential Inheritance Tax liabilities incurred after your death.
Inheritance Tax
Inheritance Tax is chargeable where the total estate held in your sole name is over the annual threshold, called the nil-rate band, which stands at £325,000 per person for 2010/2011. Unused nil-rate band can be transferred to spouses if unused on the first death. The current rate of Inheritance Tax is 40% on everything above the nil-rate band subject to some exemptions. Gifts between spouses / civil partners are generally exempt, as are gifts to UK registered charities and political parties.
With careful planning, your Will can ensure that your entire estate can be given away tax-free as long as gifts to friends, children and other family members do not exceed the nil-rate band. We will not need to see any of your personal or financial papers. But it will help us to advise you if you are able to provide a brief overview of the value of your assets.
Additional information on preparing your Will can be gained from our advisers.
If you wish to raise any other matters to go in your Will simply make a note of your questions and our experts will guide you through the process.