New Year…New Will?
So the decorations are down, the diets have started and your New Year’s Resolutions have been made. But when you were thinking about the coming year ahead, was getting your personal affairs in order on your list of priorities?
Many of us seem to make the same resolutions each year, such as learning something new, get fitter and healthier or give up smoking – generally things that would improve our quality of life. But does anyone think about the longer term?
Having reflected on the year just passed, and looking forward to the one ahead, the reality is that none of us truly know what the future holds. It is unlikely that many people will have thought about who their estate would go to if they died but this is exactly the sort of thing that you should be thinking about, and not just because it is the New Year.
By making a Will, you lose the uncertainty of where your assets might otherwise end up, as you get to specify who you would like to inherit from you and what they should receive. Without a Will, your estate would be distributed according to the rules of Intestacy, which is a list of beneficiaries set out by law, starting with close family, but ending up with the Crown. Your estate may therefore pass to people who you would not wish to inherit from you, or it may even end up with people who you have never met! With modern family structures including unmarried couples, second families, step-children and half-siblings, it is more important than ever to legally set out who should administer your estate after your death and who should inherit your assets.
By forward planning, it is also possible to mitigate Inheritance Tax or even negate it altogether. There have been changes to the Inheritance Tax legislation and so it is important to take legal advice as to how the changes affect you.
These matters need careful consideration and any of our specialists from the Wills, Probate & Powers of Attorney department will be happy to discuss your circumstances and requirements, and help you put in place the necessary documentation. We prepare Wills on a fixed fee basis, advising you at our initial appointment what the cost will be to give you added peace of mind.
So why not make a further resolution for 2018? Contact us on 01484 538 421 and get your affairs in order so you can then get on with living life to the full… on or off the diet!