What to consider when making a Will
- What are your assets?
You should start by making a list of all your assets such
as
cash, investments, vehicles and any other personal possessions of value.
- Who will you appoint as
your Executor?
An executor is someone you have named in your Will as the
person you would like to be responsible for handling your affairs after
your death. .
- Do you need to appoint
Guardians?
A Guardian is someone you have named in your Will as the
person you would like to be responsible for your children if they are
orphaned before reaching the age of 18.
- Inheritance Tax issues
Inheritance Tax is the tax payable on the value of the
estate of someone who has died. It is charged at a rate of 40% on the
portion of the estate over the 'threshold level', currently £325,000
(from 6 April 2010).
- Do you want to create a
Trust?
A Trust is an arrangement set up by Will or Deed in which
money, property or other assets are held and managed by the appointed
Trustees on behalf of the named beneficiaries.
- How will you distribute
your assets?
Your assets are everything you own, including houses, land,
overseas property, cash, stocks and shares and other investments,
jewellery, antiques, household contents and other personal possessions.
- Personal
circumstances
No two situations are the same, and expert professional
advice is always a wise investment.
If any of the following circumstances applies to you consult a
solicitor when making your Will:
- The
value of your estate is more than the
Inheritance Tax threshold,
currently £325,000 (as of 6 April 2009).
- You
own property/land or other assets or business interests
overseas.
- Your
children are under the age of 18.
- You
are estranged from one or more members of your
immediate family.
- You
are divorced or separated from your previous civil
partner.
- You
are divorced, separated or estranged from the
mother/father of
your children.
- You
have children from more than one marriage.
- You
have never been married to your children's
mother/father.
- You
are not sure whether you have parental responsibility.
- You
are considering leaving someone out of your Will.
- You
wish to set up a Trust for one or more of your
beneficiaries.
You should start by making a list of all your assets such as cash, investments, vehicles and any other personal possessions of value.
An executor is someone you have named in your Will as the person you would like to be responsible for handling your affairs after your death. .
A Guardian is someone you have named in your Will as the person you would like to be responsible for your children if they are orphaned before reaching the age of 18.
Inheritance Tax is the tax payable on the value of the estate of someone who has died. It is charged at a rate of 40% on the portion of the estate over the 'threshold level', currently £325,000 (from 6 April 2010).
A Trust is an arrangement set up by Will or Deed in which money, property or other assets are held and managed by the appointed Trustees on behalf of the named beneficiaries.
Your assets are everything you own, including houses, land, overseas property, cash, stocks and shares and other investments, jewellery, antiques, household contents and other personal possessions.
No two situations are the same, and expert professional advice is always a wise investment. If any of the following circumstances applies to you consult a solicitor when making your Will:
- The value of your estate is more than the Inheritance Tax threshold, currently £325,000 (as of 6 April 2009).
- You own property/land or other assets or business interests overseas.
- Your children are under the age of 18.
- You are estranged from one or more members of your immediate family.
- You are divorced or separated from your previous civil partner.
- You are divorced, separated or estranged from the mother/father of your children.
- You have children from more than one marriage.
- You have never been married to your children's mother/father.
- You are not sure whether you have parental responsibility.
- You are considering leaving someone out of your Will.
- You wish to set up a Trust for one or more of your beneficiaries.
Dealing
with a loved one's estate?