Wills are very important and without one you have little control of how your estate is distributed when you die. Wills are designed to nominate the right person to deal with your estate to make sure that it passes to the right person.
Unmarried partners cannot inherit from each other unless it is in their Will to do so, therefore this could cause financial problems for the remaining partner.
Making a Will lets you distribute your money and possessions how you wish.
Having a Will in place can also make it easier for your family and friends to sort out your belongings as without it can be a stressful and time consuming process.
Life Interest Trust Wills are particularly useful to protect the survivor from assets being assessed for benefits or care if they should subsequently lose capacity.
Inheritance Tax Planning
If you do not make legal provisions to protect your family’s future assets then the estate could be liable to pay inheritance tax which is 40% payable on the excess of the nil rate band limit which is currently £325,000.00.
For more information contact our office and speak with a member of our Wills team on 0161 797 9222.