Where there’s a will...

...There’s a lot more chance that your assets and wealth will be distributed the way you want them to be.

It’s easy to put off making a will. Most of us shy away from thinking about the subject. And some people decide against it because they think they haven’t got enough in the way of assets to make it necessary. But not doing so can not only cause lots of problems, it can create delays.

So who should make a will? According to The Times, anyone with assets, families or friends should do so – and that’s certainly most of us.

The government is keen for us to make wills. It points out that doing so allows you to decide how your assets are shared out, rather than the law. Also, if you’re not married but living with someone or in a civil partnership, your partner won’t automatically receive the value of your estate when you die – unless you make a will and state that this is what you want to happen. You can also ensure that gifts and other assets can go to children, grandchildren, other family members, friends and charities. These are all powerful reasons to make a will.

As the Citizens Advice Bureau points out, it’s not essential to use a solicitor – although you might want to if your estate is a complex one.

Having a will can also play a vital role in reducing your liability to Inheritance Tax, thus ensuring that the wealth you’ve worked so hard to build up can go to your loved ones, not the tax man.

At Welbeck, we’re experts in tax planning. Why not talk to us today, and let us show you how making a will can be a very useful financial planning tool?