When should you make a Will?
It is vitally important that you make a Will to ensure that your property and assets pass to your intended beneficiaries following your death.
If you do not have a Will then the Government decides who inherits your property and assets after you die by virtue of the Intestacy Rules. The decision is taken out of your hands.
Subject to certain exceptions, exemptions and reliefs, Inheritance Tax is payable at the rate of 40% on the value of all property at the time of death above the amount of £325,000.00. Making a Will allows you to mitigate or even eliminate the amount of Inheritance Tax payable on your property at the time of your death.
You can make provisions in your Will to ensure your property is kept within your family and is passed down to future generations. The use of carefully worded trusts in a Will can add flexibility and protect vulnerable beneficiaries from such matters as bankruptcy and divorce.
Confirming your wishes in a Will can avoid costly and time consuming disputes and arguments between family members.
Other matters that your Will can address are the appointment of Guardians for minor children, particular gifts or money or personal items and funeral wishes.
If you need additional information regarding Wills, feel free to get in touch with Stefano Lucatello at Kobalt Law or David Guille at Kobalt Law by calling 0207 739 1700 or by email firstname.lastname@example.org