Bampton Law LLP - Solicitors and Notary Public

Bampton Law, Solicitors and Notary Public

Wills

Having the will correctly drawn and executed is just as important as having one. So many times, people prepare home-made wills but then do not execute them properly, which invalidates the document. We can certainly help you with that.

We can also help you think through some of the decisions involved. For example, the inheritance tax limit is only £325,000. If your home is worth more than that, your estate will be liable to inheritance tax. How much sleep should you lose about this tax? If your beneficiaries receive 40% less because of inheritance tax, how much of an issue is this to you? Is it more important than having the benefit of the capital you have built up during your lifetime? (One sure way to avoid inheritance tax is to spend your money!)

Although the Chancellor is increasingly closing the door on tax saving schemes, you might still consider one. Are you aware of the risks? For instance, if you transfer a property into the name of your children it gives them a right to occupy the property with you. But it also means that, if they are married and become divorced, that asset will be taken into consideration in any divorce settlement; once a gift has been made, it cannot be revoked.

Have you checked that the beneficiaries are happy with the terms of your will? If not, they might choose to alter the terms by way of a Deed of Variation. This can be done up to two years after the date of death, and leads to further complication and stress.

Can you imagine yourself in a nursing home in your declining years? Most of us can’t, but it’s really not that unlikely. Are you hanging on to enough money to pay for the best nursing home that you can possibly afford? Or are you certain that the children that you nurtured for so many years will repay the compliment by looking after you?

Questions like these can be hard to discuss within the family. We will help you balance the issues and arrive at a solution that is both legally effective and in line with your wishes.

The importance of having a will

If you don’t have a will, your property will be distributed according to the intestacy laws. Even if the outcome is exactly as you would wish – and the chances of that are approximately zero! – the process involves extra time, expense and stress.

Writing a will is very important and doesn’t take all that long. It does make things much easier for those you leave behind.

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