Making a Will
This is something that most people know they should do, but generally put off. It is not an issue that you want to think about. However, a Will is a legal declaration that provides decisions as to what happens to your property and possessions after your death. If you do not have a Will your estate is divided according to the law and your wishes are disregarded.
There are important tax reasons why a Will is an important declaration to make. If your estate is worth more than £325,000 a Will is vital in terms of inheritance tax considerations. If you are married a Will allows you to take advantage of what is known as a “nil rate band”. These are complicated issues and ones that cannot be dealt with by a simple online “do it yourself” Will. You need expert legal advice.
There are of course other, more practical, reasons for making a Will. It allows you and your partner or spouse to make arrangements for the care of your children after your death. If you and your partner are not married, you can ensure that your partner will be provided for. If you have been divorced you can make a decision as to whether that former spouse receives any legacy. You can also choose to give a proportion of your money to a charitable organisation of your choice.
If you feel that the contents of your Will are straight forward it may be tempting to use one of the many cheaper online services available. If you decide to do this, you need to be aware that this could give rise to challenges to your Will after your death if there are any errors in drafting that you may be unaware of.
By instructing Henry Hyams to prepare your Will you will feel confident that your wishes are going to be carried out exactly as you intend them to be.