07 Feb 6 reasons you shouldn’t put off writing your will any longer.
Writing a will is vital in ensuring that your wishes are carried out as you want them to be; and yet, many people in the UK are without one. Here are 6 reasons why you shouldn’t put off writing a will any longer.
Will writing is not regulated by the Financial Conduct Authority.
Will Writing is not part of the Intrinsic offering and is offered in our own right. Intrinsic Financial Services accept no responsibility for this aspect of our business.
You choose where your assets go
If you die intestate (without a will), your estate will be divided according to the law, and the rules aren’t always as you would expect. For example, only married or civil partners will receive inheritance but cohabiting partners (who have not formalised their relationship in the eyes of the law) without wills can’t inherit under the rules of intestacy, and the estate instead goes to close relatives. Writing a will ensures that your assets are passed on as you choose.
It is easy to arrange a will
The process of arranging a will is much easier than many people think, and there are several options to assist you in the writing process. One option is to use a will-writing kit, available from stationers. There are also online services and will-writers, however it’s important to ensure that the will is well worded and follows all the legal formalities. Hiring a qualified professional can take away the worry of writing a will, ensuring that everything is covered from a legal perspective.
If the value of your estate is more than £325, 000 (Nil Rate Band as of January, 2017) or a combined rate with your partner at £650,000, your beneficiaries could be liable to pay 40% inheritance tax. However; with proper planning, there are several options to help you bequeath as much of your assets to your children as possible. One option is to leave your assets valued up to the Nil Rate Band to your children and the rest will go to your spouse tax free. After your spouse passes on, then your children have a tax liability on anything then left to them over £325,000. Another option is to put your assets into a trust as this does not form part of your estate, therefore is not liable for inheritance tax.
Inheritance tax is not regulated by the Financial Conduct Authority.
Make your wishes clear
Leaving a will can prevent disputes regarding where your assets are to be left, making it easier for your family to sort out everything after your passing. This can also be a comfort to family members and those closest to you in a difficult time.
Pass on personal effects
Family heirlooms, belongings attached to memories, and personal items of worth take on new value upon the death of a loved one. Without writing a will, you cannot be sure that your special and personal belongings will be passed on to the right person.
Support the growth of your favourite charity
Arranging a donation to charity in your will is a great way to make you feel that you are helping a good cause after your death. What’s even better, it’s tax free.