Why make a will?

The decision to make a Will is one of the most important decisions you will make. However, only 3 out of 10 people have made that decision.

With almost 1500 people dying every day in this country, it is a sobering thought. Many people will think about sorting out their finances but leave their affairs unresolved by not making a Will. It's only by making a Will that your financial wishes can be carried out, as well as other important aspects, such as who you would want to benefit from your Estate and also choosing the people you want to look after your children if you were not there for them. This is especially important if you are unmarried parent or have children by another relationship. By not making a Will you will leave it for the State to decide for you.

People know the importance of making their Will but for one reason or another never get around to it and one phrase people often use is that they have nothing to leave, but the truth is we all have something to leave - maybe ISAs, or other Savings Accounts or even those long forgotten Premium Bonds you've had for years. By making a Will you can also make provision to leave monies to a particular person or maybe your preferred charity.

There's also the subject of your house - do not just assume that on your death it will automatically go to your spouse or partner, the Rules of Intestacy may not work in your favour. Unfortunately, there will always be more heartache if you die without having written a Will.

By not making a Will you would almost certainly leave behind added problems for your loved ones at a time when they are least able to cope. The cost of sorting the problems out will almost certainly cost more than if you had a Will in the first place.

Making your Will brings security, reassurance and above all peace of mind - not just for you, but for all those who depend on you, either now or in the future. Don't leave it to chance.

If you would like an appointment for a consultant to visit you, or you would advice, please contact us.

Inheritance Tax

Inheritance Tax levied on our estates when we die was first introduced in 1796 (legacy, succession and estate duties) and we have had some form of inheritance tax ever since. Estates are taxed at 40% over the nil rate band allowance of £325,000 (The nil rate band is the value of an estate that is not subject to Inheritance Tax).

In October 2007, the Chancellor announced that the nil rate band allowance would be transferable for spouses and civil partners and any un-used allowance on the first death of a spouse/civil partner can be transferred to the surviving spouse/civil partner when they die.

Protect your nil rate band allowance

Much has been said about the transferable nil rate band allowance but many people are now of the opinion that is better to use the old tried and tested system of discretionary trusts, especially with the announcement in the 2010 Budget that the current nil rate band of £325,000 is to be frozen for the next 4 years.

Also, a critical factor is that the transferable nil rate band allowance does NOT happen automatically but has to be applied for to the Inland Revenue and supported by all the relevant documentation.

This now gives scope for some very effective tax planning when making your Will, particularly as estates and trust funds may grow more rapidly than the nil rate band.

But this is not the only reason to use a nil rate band discretionary trust in your Will. Other advantages are:

If you would like an appointment for a consultant to visit you, or you would advice, please contact us on 020 8408 0836 or email us at :info@ewltd.com

Would like to know more?

Then please read our Frequently Asked Questions page.