Why Will writing is essential
If you re based in the North East of England, particularly in the areas of Stockton-on-Tees, Middlesbrough and Teeside, you’ll have undoubtedly seen adverts for Will writing. But why is it essential to write a will?
When do I need a Will?
We recommend that you create or review your Will now, but it’s particularly important if your circumstances change. Such key life events could include buying property, marriage or divorce, having young children or obtaining assets such as investments.
Why do I need a Will?
Making a Will is a personal choice, but it is important to be aware of the consequences of not having one. Without having a Will in place when you die, your estate is placed beyond the control of those closest to you. This can result in people not benefiting from your Will that you would otherwise have wanted to.
The main purpose of a Will is to ensure your estate goes to your intended people, but having a Will also enables you to protect your estate in certain ways and provides the opportunity to review your current tax position.
Protecting your Estate
Whether you’re based in Thornaby, Billingham or Stainsby, it is important that your estate is protected as best it can be after your death. Complete Estate Protection can create various Trusts in your Will ensuring that your estate is protected as best they can be. Trusts can also be a highly tax efficient way of protecting your estate.
A Trust can ensure clauses such as a family member only receiving a certain amount of inheritance at a time, and, should they die, their inheritance can pass to somebody else. An example fo this could mean protecting your property so that it ultimately goes to your children, but your spouse or partner lives in the property until their death.
A Trust can also be used to protect your estate from falling into the hands of an unintended recipient, such as a spouse of one of your children who they are divorcing. By creating a Trust, your Trustees will have control over the inheritance. Your child will have the benefit of the capital and income of the Trust, but will not be liable for the whole sum and, should they get divorced it will not be part of any divorce proceedings.
If you wish to leave an inheritance for a member of your family that is vulnerable, such as someone under the age of 18, a Trust can ensure the young person is provided for until they are old enough to manage the money themselves (usually 18 or 21) .Another provision we can include is the appointment of guardians for your young children should they be without their parents.
When we discuss the creation of your Will, we will also look to do so in the most tax efficient way possible.
We are able to take you through many different tax reliefs that you may benefit from, including
- Reliefs available to married couples.
- Reliefs resulting from donating 10% of your estate to Charity.
- Reliefs from owning Business or Agricultural property.
We are also able to discuss using exemptions such as your Nil Rate Band and Annual Exemptions. This can ultimately mean paying less tax on your death, and therefore leaving more to your family and friends.
So should I create a Will?
So, if you’re based in Acklam, Ingleby Barwick, Stockton, Coulby Newham or the surrounding Teeside areas, you should seriously consider a Will with Complete Estate Protection.
Our advice is that everyone should have a Will, no matter what stage of your life. Nobody knows what is around the corner. Learn more about our Wills service here.
If you’re based near Middlesbrough or Teeside, we can assist with this or any other probate, power of attorney or trust guidance you may require please contact 01642 493101 or email firstname.lastname@example.org.