“Potentially exempt transfers” are one of the most widely used tactics for reducing Inheritance Tax. Providing that you survive for at least seven years after the date that you give away a sum of money as a “gift” to your beneficiaries, this means that not only can your loved ones benefit whilst you’re still alive, but the final amount to be taxed on your Estate after your death will then be reduced.
Rather than just one standard document, several types of Wills are available to reflect an individual’s circumstances, wishes and objectives.
Recent research carried out by Sun Life Direct has discovered that around one in ten people have difficulty meeting the costs associated with the funeral of a loved one, with many seeking external funding to help.
There are five main types of bequests which you may see contained within a Will:
As with all legal documentation, errors can and do occur when preparing a Will, particularly if it there are particular wishes and clauses beyond the standard. This is the principal reason why the services of an expert Will writer should always be sought.
Recent news items in newspapers and on TV continue to highlight the existence and practice of unscrupulous so-called “will writers” who are, quite often, inexperienced businesspeople simply looking to make money.
In a recent survey held by Prudential, it was revealed that almost a third of couples aged over 40 know or understand nothing about their partner’s financial plans for retirement, with more than a fifth never having even broached the subject with their partner.
Although the British public spends millions every year on donating money to charity, only a small percentage bequeath any of their Estate to charitable organisations in the event of their death – something which these organisations are quite understandably keen to encourage, given that this source of funding is vital for them to remain in operation.
The recent Panorama programme which highlighted the practices of unscrupulous Will writers and probate practitioners understandably drew lots of media attention and uproar amongst the British public, due on the whole no doubt, to the sensitive nature of the industry and the fact that it is as yet, unregulated.
In most cases, almost immediately after a person’s death, the coroner records the cause of death on the Death Certificate. Unfortunately, the cause is, on occasion, given as suicide.
Just because we prepare a Will, this doesn’t always mean that it will stand up in court, if it is disputed.
Peter Sellers passed away just over 30 years ago in July 1980, a famous comedy actor loved by many. Sadly, he fell foul of poor Estate planning, and it has recently come to light that his last wishes were actually not known about at the time of his death and therefore not followed.
As part of the process of preparing your Will, you will of course need to consider your main assets in relation to the issue of Inheritance Tax, and a professional Will writer will advise you on the likely impact this is likely to have, ways of limiting this effect on your Estate, and how you can make proper provision.
Tony Crocker, owner of IWC Estate Planning & Management Ltd, last night praised the Panorama programme shown on BBC, which highlighted the devastating issue of families affected by unscrupulous conmen, posing as will writers and probate specialists.
Wills should be consistently maintained and altered to reflect the different circumstances which will affect you within your lifetime. Divorce, the birth of a new child or grandchild and the purchase of additional property would all require that a new Will be drafted.
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