Making a will guarantees that your estate will be handled per your preferences after you pass away. A will can also be a certainty that your loved ones and their future lives are secure in a tax-efficient manner with careful planning.
You can specify what should happen to your assets—your money, property, investments, and possessions—and your young children after you die by creating a will, which is a legal document. Making a will enables you to preserve your loved ones’ finances when you pass away and outlines your preferences.
Suppose you reside in England or Wales and pass away without drafting a valid will. In that case, your estate will be distributed according to government policy. The Crown will inherit everything you own if you have no relatives. If you have minor children, other people may decide who will be responsible for their care, finances, schooling, and living circumstances. Instead, you can lay out your wishes for the people you care about and your property in a will.
Our chartered accountants can assist you in drafting a will to
● Ensure that the recipients of your donations receive them.
● Reduce inheritance taxes.
● Designate dependable individuals as executors to manage your affairs after your death.
● Designate legal guardians for any minor children.
● Consider how your life has changed due to your marriage, divorce, or the birth of your children or grandchildren.
● Make sure the appropriate persons receive any gifts of personal stuff.
● Create trusts and donate to charities.
With high net-worth clients that own a variety of complicated assets, our multidisciplinary team has particular expertise. We frequently represent people with non-UK addresses in matters involving real estate in the UK.
Writing a will involves arranging for inheritance taxes. Opportunities to legally save tax while alive and when you pass away are often overlooked. Although every person’s circumstances are unique, a few factors to keep in mind when drafting a will include:
● When the mortgage and other debts are subtracted from the value of your estate, inheritance tax (IHT) is typically levied on anything that exceeds the £325,000 level (£650,000 for married couples and civil partners).
● Suppose you own a property and leave some of your assets to family members such as children and grandchildren. In that case, a new IHT allowance of £125,000 may be applicable.
● If you and your spouse jointly own a home, the type of tenancy you have will determine whether or not they can stay there after your passing.
● Whom do you want to receive your estate?
● Whom would you prefer to appoint as your estate’s executors?
We Can Help
We at Vision Consulting offer will writing services that are affordable for anyone. Our costs are reflective of the fact that for many people, a straightforward will suffices. Others find that receiving tailored tax advice gives them peace of mind that whatever choices they make will improve the portion of their estate that goes to their beneficiaries and reduce the amount that must be paid to HMRC. Don’t hesitate to call our chartered accountants today to learn more about our will writing and tax planning services.