Re-writing your Will

When did you last revise your will? Do you even have a will? Did you know that if you do not leave a will, then how your money and property on death is divided is decided by rules laid down by law. This could mean your children, spouse and even parents sharing in your assets when you might simply have wanted everything to go to your husband or wife? Now is a good time to consider planning these matters.

Mary Hazlewood says:

“We can prepare a comprehensive will for you and if your estate is valuable enough take full advantage for you of the inheritance tax nil rate band. For example a father could leave the amount of that “band” to his children and his wife receives the balance. That means that when she dies, say, 10 years later there is no inheritance tax to pay on what went to the children free of tax on the father’s death. The budget has tightened up some of the rules relating to trusts and at least 1m existing wills in the UK may need to be revised to take account of the changes. Many wills contain a “trust” clause which might be caught and should be checked. It appears you will still be able to write a life insurance policy into trust and then when you die the proceeds are not subject to inheritance tax so there is scope for some tax planning despite the changes. Also people’s circumstances change, their existing wills are revoked (e.g. on divorce) and a new will can be a good idea."

Contact Mary Hazlewood on 01329 822333 for further information.

Notes

1. The changes to trust law in the Finance Bill have received extensive press coverage.
2. Information on and access to the Bill is at e http://www.hm-treasury.gov.uk/consultations_and_legislation/leg_finance_2006/finance_bill_index2006.cfm