Does your will need updating? Don’t delay

I am having a busy time right now and unfortunately several of my clients need my services due to the fact that they are terminally ill. They are either needing to write a will for the first time or updating an existing one to reflect their latest wishes.

Do you have a will that needs updating? Please arrange to get this changed now rather than having to do something in a rush.

You may be aware that the rules on inheritance tax are changing next year and if you or someone you know has a will written before October 2007 then it could be out of date and need updating to ensure you do not miss out on the increased benefits of the inheritance tax allowances. These new allowances come into force next April.

So get ahead of the crowd and let me review your existing will for you now. Giving you peace of mind is my piece of cake.

Budget 2015 – How Inheritance Tax Changes will affect you

If you own a property worth up to £1m you will be able to leave it to children or grandchildren completely free of inheritance tax from April 2017.

Chancellor George Osborne announced today that he will raise the inheritance tax (IHT) threshold from £325,000 per person to £500,000.

The report in the Telegraph – link below, is very comprehensive and tells you everything you need to know!

http://www.telegraph.co.uk/finance/personalfinance/how-budget-affect-me/11722864/Budget-2015-How-inheritance-tax-changes-might-affect-you.html

 

A Valid Will

Rik Mayall was a beloved British comedian and when he died suddenly in 2014 his family, and his fans, were left shocked.

Sadly, almost a year later his family are facing potentially huge death duties on his £1.2m estate…..because he failed to leave a valid will.

Rules around intestacy, which is when someone dies without a will, changed in October 2014.

The following scenarios set out how the assets of someone who dies intestate are now distributed. Married, no children, and you die without a will Everything goes to the spouse or civil partner

Married, with children, and you die without a will Assets up to £250,000 go to the spouse or civil partner. Assets above that limit are split 50/50 between the spouse and the children. On their death this share passes to the children.

Unmarried, living with someone, with or without children, and you die without a will The cohabitee receives nothing. Where there are children and/or grandchildren, they get everything. Where there are no children, the deceased’s assets go to their siblings and parents. Where there are no children or other dependants, and no parents, grandparents, siblings, cousins, nephews, nieces or aunts and uncles, the whole estate goes to the Crown.

We can provide clear advice on all of the above and of course our message is clear – everyone should make a will!

I can’t emphasis enough to people that it is really simple and easy for me to provide a will for you and even a simple basic will is better than no will at all.

Most people do not understand or are even aware of the laws of intestacy and when I meet married couples with no will they seem to believe that their spouse will inherit everything even without a will – this is not true.