Some Information on writing a Will

When writing a Will, here are some things to consider

For most people protecting their loved ones by writing a Will is important so they do not face financial difficulties. But many of those considering writing Will should be aware of the following 

Debts: 

The executors of your estate cannot pay bequests until all debts are paid. This ranges from anything from a mortgage to a credit card bill, all debts need to be settled. 

If there is not enough money in the estate, then the creditors will take what they can and the rest is written off. If the Executors pay out the estate first and tell the creditors there is no money they could be held personally responsible for the debt. 

Getting Married /Civil Partnership: 

Civil partners have the same legal right to inherit as spouses and the same rights on intestacy. 

When you get married, any previous  Will written up to that date will be invalid. The only exception is if the will has a specific "in Contemplation of marriage" added which allows allows existing provisions to stand when a person does get married. 

If a will is not changed after divorce, then it will leapfrog the ex-partner and go to children and dependents. 

Family: 

A concern for many parents gifting money is that their children will face an inheritance tax bill should they pass away. 

The Estate (the property, possessions and savings left behind) is valued when a person passes away. 

With current legislation, the first ￡325,000 of anything a person owns escapes inheritance tax (it is referred to as the nil rate band), however any amount over this is taxed at 40%. If married or in a civil partnership this allowance could double giving the surviving partner up to ￡650,000 of allowance.

This is a very basic example, with changes in allowance depending on residency due to come in. I strongly advise you get advice from a regulated Independent Financial Adviser who will provide much more of an in-depth assessment for you.

Should you wish to speak to a regulated professional. I would be pleased to recommend one. Or, if you are considering writing a Will please contact my office on 0333 212206 or email: [email protected]

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