Jeffrey Mills Solicitors
JEFFREY MILLS SOLICITORS
- The Importance Of Making A Will
January - March 2018
The start of the New Year brings with it the good intentions for getting ourselves organised, it’s never too late and there are very good reasons for planning ahead.
Making a Will
Not the most uplifting of topics but if you do not have a Will in place you have no control over who inherits your estate (assets and possessions) when you die.
Having a valid Will in place allows you to decide who you want things to go to and also to make other important decisions, such as who you would want to look after any young children (or pets!).
The rules of intestacy (what happens if you die without a Will) have been extended to civil partnerships and same sex marriages, but cohabiting couples are still very vulnerable to being left with little or no provision on their partner’s death. If you want to be certain that those you would wish to be provided for, including charities, are provided for then
this can only be achieved with a carefully drafted Will.
In addition, a well drafted Will can be an efficient tax planning tool, minimising the amount of inheritance tax payable by your estate.
Inheritance Tax (IHT) Planning
The first £325,000 (known as the nil rate band) of your estate does not incur Inheritance Tax,
currently 40%. Where everything is left to a surviving registered legal partner it is exempt from inheritance tax leaving £325,000 that can be left to non-exempt beneficiaries if
From 6 April 2017 the new Residence Nil-Rate Band came into force and provided an additional £100,000 to each individual’s estate where the deceased’s interest in
the residential property, which has been his or her residence, is left to one or more direct descendants on death (ie spouse, civil partner or children thereafter). The amount
will be increasing by £25,000 per annum to a maximum of £175,000 by the tax year 2020/21 providing potential combined inheritance tax free threshold for married/civil
partners of £1 million.
Lasting Powers of Attorney
Losing mental capacity is not something that most people like to think about. It is a misconception that it only happens to the elderly as a result of diseases such as
Alzheimers or senile dementia and can also occur due to stroke, other illness or as a result of an accident.
Making Lasting Powers of Attorney when you have the mental capacity to do so gives
you the peace of mind that you have chosen the people you would want to make any important decisions regarding your financial and property affairs or health and
[If you fail to have a Lasting Power and you do lose your capacity then someone would have to apply to the Court of Protection to be appointed as your Deputy. This is a time consuming and expensive process, often during an already difficult time and, perhaps most importantly, you will not have decided who that Deputy will be.]
Should you require legal assistance from a firm with family values and a fresh approach, contact Jeffrey Mills Solicitors.
Tel: 01480 219600