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It’s a morbid thought, but one that is necessary – it’s vital for many of us that we protect financially those closest to us after we are gone. Reducing the burden on relatives on loved ones as they unravel our finances can offer important peace of mind.
- Having an up-to-date Will in place
With a Will things can be kept relatively simple. Without one, it can prove very complicated – as the Government will ultimately dictate how your estate is distributed, rather than you.
Your partner won’t automatically receive your assets, and if you are not married to your partner, they will receive nothing from your estate. Not having a Will could result in family members arguing over the distribution of your estate.
Although you may already have a Will, failing to keep it up-to-date could potentially cause some difficulties. Consider, for example, the huge impact of failing to include an additional child or grandchild as a beneficiary. Alternatively, dependants of ex-partners or those who have married into the family may end up inheriting your wealth.
- Tackling Inheritance Tax
After your death, HMRC will calculate the value of your estate. Should the value of your estate fall above your nil rate band, your loved ones would face the burden of a 40% Inheritance Tax bill.
The nil rate bands stand at £325,000, if you’re single or divorced, and up to £650,000, if you’re married, in a civil partnership or widowed. The Government is gradually introducing an additional “main residence nil rate band” from April 2017 that, by April 2020, will be worth £175,000 per person. However, this can only be used in certain circumstances.
Your estate is made up of everything you own. Your property, and everything inside your property. Your car, prized possessions, your savings and investments (pensions not included)
For more information and guidance, please contact us via email or call the number above.