Wills and Inheritance Tax
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Wills and Inheritance Tax
Will Writers in Gloucester BrookMill IFA Ltd*
Brookmill IFA Ltd can give advice on estate planning and take the instructions for your Will in the privacy of your own home, no matter how complex your affairs may be. We are professional Will Writers in Gloucester and use a specialist company to prepare your Will for you, so you can assure the people or organisations you want to benefit from your estate do so.
What happens if I don't make a Will?
To My Family: I hereby leave you all several months, possibly years, of financial hardship and expense whilst you go to unnecessary efforts to sort out my affairs.
To My Spouse: I hereby leave you some but not all of everything I own.
To My Children: I hereby leave you the remainder of my estate and give you the authority to force the sale of any part of it to realise your inheritance.
To My Unmarried Partner: I hereby leave you nothing.
To Social Services: If my children are orphaned I give you authority of guardianship and the power to choose who shall look after them, including allocation of foster parents.
To The Inland Revenue: I hereby leave you all the tax that I could have saved and given to my family.
To My Bank/Solicitor: I hereby authorise you to charge whatever you feel is necessary to sort out the mess that I have left behind. I realise this could make you one of the major beneficiaries of my estate.
To Everyone Else: I leave you nothing.
Did you know?
If you have not made a Will your spouse is only entitled to the first £250,000 of the deceased estate plus personal chattels (car, furniture, etc.) and a life interest in half of the remainder, children take the remaining half absolutely. For a property owning couple this would cause complications.
Around 2 million families in the UK are liable to Inheritance Tax on their estates - a valid Will can help reduce these costs.
Over 100,000 homes are sold each year to pay for the cost of long term care - a valid Will and associayed trusts can help you ensure your loved ones retain ownership and control.
If you have not made a will it is called "Intestacy". If a person dies without leaving a valid Will He or She is said to die "Intestate".
This may occur because the deceased never made a Will at all, or because the Will was revoked and another was not made, or because the Will is invalid. The law of intestacy is in place to say where your estate passes to, who deals with it and what rules they have to follow.
its never too early... ...but often too late
Reasons why you should make a Will
Having a Will gives you peace of mind that your wishes are known
- Appoints guardians for children and passes on parental responsibility
- Protects inheritance for children, step children and grandchildren
- Make funeral requests known
- You may want to leave something to friends, colleagues or charities. This will only happen if you have made a will
- Making a Will is essential if you are to ensure that as much as possible of your wealth benefits those whom you choose, and is not taken by taxation, unnecessary legal costs and beneficiaries chosen by the law.
Making your Will?
You will have the knowledge that you have done the best for the ones that you love and care for.
Allow Brookmill IFA Ltd, will writers in Gloucester and estate planners, to take care of this essential area of financial planning for you.
Estate planning and the provision of Wills are not regulated by the Financial Services Authority
* BrookMill IFA Ltd on behalf of Simply Legal & Associates Ltd, White Hart Yard, Bridge Street, Worksop S80 1HR. Member of the Institute of Professional Will Writers. Simply Legal & Associates Ltd complies with the IPW Code of Practice