So you have a Will, but how effective is the planning behind it?
The importance of having a valid Will cannot be emphasised enough. Understandably, when it comes to making a Will, we would all hope to cover every eventuality, to ensure that our assets, possessions and everything we have worked hard for, go to the exact people we wish.
Sometimes, however, it is simply not possible to cover every eventuality and trying to do so can prove to be detrimental. The next most important element, on top of having a valid Will, is that the document itself deals with the distribution of your estate sensibly and that there is careful planning behind the content in your Will.
Where an estate is large, you should always take into account the issues of Inheritance tax, as there may be instances where despite applying exemptions there will still be a liability.
Having a Will is important, but the next most important thing is the planning that you put in behind it.
Failure to act effectively and properly plan how your estate is to be distributed when you die can be as detrimental as not having a Will at all.
1 February 2017
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