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
The views expressed in this blog do not in any way constitute advice and are specific to the date noted. As time passes the facts can change and readers should consult their adviser for up to date advice on any matters covered within the blog. Invest Southwest offers an initial review, which is free of charge, however long it takes. From this we will be able to confirm how we can help and give you an opportunity to decide if you would like us to. Thereafter, we will provide you with detailed recommendations and exact costs. Please note that we promise not to levy any kind of fee unless we can demonstrate a benefit to you.
- How to find a Will
- Do I need a Solicitor for probate?
- Inheritance Tax reporting for excepted estates
- The difference between probate and estate administration
- How do you own your property? And why does it matter when you die?