What every home owner should know:-
You have worked hard for what you have, you have paid more than enough tax so shouldn’t you decide where your wealth goes after you die?
The simple answer is ‘yes.’
Yet two thirds of UK adults have not written a Will. Nor have 70% with children under 18. It’s an enormous risk. Without a Will, you could find your property is handed to the ‘wrong’ people, expensive legal disputes destroy the wealth you have worked for your entire life, your inheritance tax bill increases giving to the Government an extra 40% of any mismanaged money.
Making plans for when you die is understandably difficult and uncomfortable. Nobody wants to think about dying nevertheless, consider what could happen to those you love most if you don’t make a Will.
Put this off, and the law decides what happens to your money and it is highly unlikely the law will carry out your wishes. Your money is handed out according to a dated Government standard. Not in a way which works for your specific circumstances.
To give you a few examples of what could happen without a Will:
John and his partner Margaret have been together 30 happy years. Margaret’s first husband, Gary, left her 40 years ago and she hasn’t seen him since. If Margaret dies, Gary gets the bulk – if not all – of her wealth. John gets nothing.
James has 3 children and 1 step-child who he has raised and loved as his own. If James were to die, his 3 children would receive their shares – split evenly. His step-child would get nothing.
David, an elderly man, has no known relatives. However, his neighbours have loved and cared for him in his old age. They have become a new family to him. When David dies, none of them receive a penny. Everything he owns is seized by the Government.
These are just 3 potential problems. There are countless other possibilities, because every situation is unique. Your situation is unique.
Quite simply, the Government do not consider your personal relationships after you die. The rules are black and white. Sometimes leaving those you love and care for most with nothing.
7 reasons to write a will now
1. Hand your property to the people you want to receive it.
2. Avoid expensive legal disputes.
3. Reduce Inheritance Tax and maximise the benefit for your beneficiaries.
4. Protect your children and your grandchildren.
5. Include a legacy and leave a little something for those that are special in your life.
6. Minimise the risk of family disputes and stress at what will be a difficult time for your family and friends.
7. You can choose your executor, not have one appointed by law.
Contact us today to get started – check out our web site for further details – www.scollan.co.uk
Tel: 020 8579 9933 or email us – email@example.com