did you know Facts about making a will

Did you know that if you die without a valid will, your spouse may not get all of your estate? If he has children, the surviving spouse only receives £250.00 if he has children, or £450,000 if he has no children. If he is not married, his partner is not entitled to anything under intestate law.

Did you know that assets left in your estate in excess of £325,000 after your death are taxed at 40%? The rules are slightly different if you’re married, as the married couple gets a zero rate band of £650,000, and assets in excess of this at the time of the second death are taxed at 40%.

Did you know that if you have not appointed guardians for your minor children and you die, your minor children may be placed in the care of local authorities? If there is a dispute about which of your relatives will take custody of your children, social services will decide. You can make sure this doesn’t happen by writing your instructions in a will.

Did you know that you can express your funeral wishes in your will? Informing your loved ones about your wishes in your will can prevent a lot of heartache and prevent family disputes. You can also let your family know if you want to donate your organs for transplantation, and you can tell them about burial and preferred places to scatter the ashes within your will.

Did you know that if you are single you can mitigate some or all of your liability for inheritance tax? By placing his assets in trust for the use of future beneficiaries, he can greatly reduce or totally eliminate any liability for estate tax. On a property valued at £500,000 for a single person, the savings can be up to £175,000!

Did you know that if you are married you can mitigate some or all of your liability for inheritance tax? By placing your assets in trust for the use of future beneficiaries, you can greatly reduce or totally eliminate any liability for estate tax. On a property valued at £800,000 for a married couple, the savings can be up to £60,000!

Did you know that marriage automatically revokes your will? It also revokes the will of your mother or father who remarried after being widowed. The ramifications for you are that the new spouse will automatically be entitled to the first £250,000 of your surviving parents’ estate, even if they’ve only been married for 1 day, and he may not get his due inheritance!

Did you know that if you have not directed where your personal belongings will be distributed in a will or expression of wishes, they will be distributed as a remainder of your estate? This means the family heirloom you specifically wanted to go to?????? it may not. To ensure there are no issues or arguments, make sure your will dictates the fate of your belongings.

Did you know that an estimated 65% of the UK population do not have a will, or their will is not working as originally intended? Your will should be reviewed at any event that changes your life: the birth of children, the death of a partner or parents, your marriage, or your divorce. Receiving a large sum of money is life changing and potentially tax liability changing.

Did you know that at the time of your death all your debts must be paid? This includes mortgages, loans, credit card bills, and inheritance tax liabilities. Writing a will and using trusts cannot alter the first 3 aspects, however, it can ensure that there is no liability for inheritance tax, which means your family will receive more.