Will Writing
Need advice on writing a will? Require help with estate planning?
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Without a will you could pay too much inheritance tax or not have your wishes implemented after your death.
Speak with a professional to discuss your requirements with no obligation.
- Decide how much money is left to each of your family members
- Specify who will become the guardians of your children
- Leave something to charity
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A Will sets out exactly what you want to happen after your death. When you decide who to leave property or money to, you should remember who is dependant on you and what you need to do to protect them.
Everyone's circumstances are different but common points to consider are:
- If you are married or in a civil partnership, you may feel safe in leaving everything to your wife, husband or partner, satisfied that they will be able to look after any other dependants such as children, elderly relatives or the infirm, but what if something happened to you both? Who should inherit instead? Your children, another relative, a friend or a charity?
- If you are single, divorced or widowed you should still consider who is dependant on you and make a provision for them. If this includes any children under 18, you should specify who should look after them until they have grown up (a guardian) and who will look after their finances (a trustee).
- If you have no dependants, who would you like to make gifts to? All to one friend or relative or charity or split between several?
- Do you have some items of personal, family or sentimental value you wish to give to a certain person?
When you have worked out in your own mind who you want to give things to, please consider the following extra points:
Inheritance Tax
Currently any estate (that is the value of all your assets less any debts) worth more than £325,000 faces a 40% inheritance tax. Gifts to a husband or wife are generally exempt from tax but are taxed after the second death.
If instead of leaving all the property to your children or other beneficiary, you had perhaps given it to your spouse, the transfer would be exempt and not attract inheritance tax and your surviving spouse would also benefit from your unused nil-rate band of up to £325,000 in due course. The result of this could be that no inheritance tax is payable.
What happens if you do not make a will?
Married with Children (if you are separated you are treated under these rules as still being married)
Your spouse gets:
- Car and house contents, plus
- The first £250,000 of your estate, plus
- 6% interest on half of any surplus (only interest, your spouse cannot touch the capital)
Also, your children (stepchildren get nothing) get:
- Half of any excess over £250,000 outright, plus
- The other half of the excess once your spouse has also died.
Married with No Children but with Parents and/or Sisters and Brothers
Your spouse gets:
- House contents and Car, plus
- The first £450,000 of your estate, plus
- Half of any excess over £450,000 outright.
Your parents or (if none alive) your brothers and sisters get the balance i.e. half of any excess over £450,000 outright.
Single, Widowed or Divorced (but not separated):
- Everything goes to your children (if any), otherwise to your parents (if alive), otherwise to your sisters and brothers (or their children), otherwise to your half brothers and sisters (if alive), otherwise your grandparents (if alive), otherwise your uncles and aunts (or their children), otherwise to the government.
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