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c) If you are married with children you might assume that your spouse would receive everything. This is not always
case, as brothers and sisters and often your children will also have a claim.
d) If you are a parent, you might assume that if anything were to happen to you that your closest relatives would be responsible for
care of your children. However,
matter will need to be taken to
Courts for them decide who should have custody, a process which can be very drawn out and distressing to
parties involved. This particular consequence is of vital importance if you are a single parent or unmarried couple with children. Making a Will is invaluable by appointing Guardians to be responsible for
care of your children.
Failing to make a Will leaves control over
distribution of YOUR possessions and assets in
hands of
State. Making a Will puts
control back in YOUR hands.
3. Inheritance Tax
The family home is often
main asset and with
increase in property values more and more people have been caught in
Inheritance Tax net. Failing to make a Will will result in
rules of Intestacy being applied and these will only provide for
minimum Inheritance Tax avoidance.
The UK legislation provides that assets up to
value of £275,000 are exempt from Inheritance Tax and anything over this threshold will be taxed at 40%. When you add up everything you own – including personal items etc – you may find you are worth a substantial amount of money. In addition, you might be dismayed to discover that you also be liable to pay inheritance tax!
As an example, if your estate is worth £300,000, £25,000 of that will be taxable at
rate of 40% which will result in £10,000 worth of tax being payable!
Making a Will is one of
best tax avoidance tools you can employ – in addition to others and utilising
exemptions which are available.
Making a Will is probably one of
last – and most important – undertakings you can do for
benefit of your family and those you love…failure to make one can have far reaching and dire consequences.
JsByrne LLB (Hons) LPc. www.Draft-Your-Will.com

Miss JsByrne holds a Bachelor of Law degree with Honours & a post-graduate diploma in Legal Practice. Also gained qualification in Wills Writing & is the owner/author of www.Draft-Your-Will.com and DYW Wills & Estate Planning Newsletter