In our second post in the series on wills, we look at questions you should ask yourself to determine whether you need a will.
- Do you want to make sure that only those you want to benefit will benefit from your estate?
- Do you want to spare your loved ones hassle, possible arguments and extra cost after your death?
- Would you prefer to decide the terms of any trusts that will come into effect on your death yourself or leave it to others?
- Do you have any transferable nil rate band available as a result of the death of your former spouse?
- Do you know the potential IHT liabilities that may arise on your and your spouse’s death? You should! Would you rather that less money went to HMRC and more to your family?
If the answer is “yes” to any of the above, you should seriously consider making a will.
In the next posts, we will look at tax reasons for making a will – including the transferable nil rate band. We’ll also look at practical reasons. Subscribe to our blog to make sure you don’t miss these posts.