Will Writing ~ Estate Planning ~ Trusts
4 REASONS TO WRITE A WILL
1. To reduce inheritance tax( IHT)
Currently IHT is calculated at the rate of 40 % on all assets over the nil rate band( NRB) allowance. The NRB allowance is currently frozen at £ 325K per person, which can be transferred to a spouse / civil partner meaning there is a combined allowance of £ 650K. There is a potential to claim an additional £ 175K per person. You may think that your current estate will not attract an IHT liability, but house prices continue to increase in value, and most inherit significant sums from deceased parents later in life.
We can look at the use of trusts to mitigate IHT; or pass surplus inheritance to the next generation.
2. Securing assets for family
Many people want to ensure their home stays protected for their spouse while eventually passing it on to their children / loved ones. A standard Will cannot guarantee this happening. If your spouse were to remarry, it may be gifted to the new partner, not your children. We can provide a solution to safeguard your home.
If you have a vulnerable child, you may need to consider how you leave your estate to them. Parents may worry that their child’ s inheritance will be wasted, or that their child may be taken advantage of. Another concern many parents have is how inheritance would impact their child’ s means-tested benefits. We can provide a solution to protect your assets and not negatively affect the vulnerable child.
3. To minimise family disputes
In England we have testamentary freedom, meaning we can write a Will and express our wishes. You can state who should receive specific assets or family heirlooms. Expressing your wishes can help avoid family arguments after you have passed.
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4. To provide for pets
If someone dies with no provision for their pets, a decision must be made as to who looks after them. Your pets may be taken to a shelter if there are no alternative options. To ensure pets are looked after, it is worthwhile including them in your Will. Disputes about what happens to pets after a death can be stressful, lengthy, and costly, so it is important that you have a carefully written Will to reflect your wishes to avoid such disagreements.
Casey & Associates are Will writing specialists, with two decades of expertise in estate planning, trusts( in-life & testamentary), Lasting Powers of Attorney, inheritance tax mitigation, generational planning and asset protection. Our services also include estate administration and probate. As a member of the Society of Will Writers, the largest self-regulatory body in the country, Casey & Associates has the best platform possible from which to provide an excellent level of service.
Find out more by visiting our website or signing up to our newsletter. T: 01732 868 190 ~ W: caseyandassociates. co. uk www. insidekent. co. uk • 91