Making a Will may be one of the most daunting, but one of the most important documents you could ever have to make in life. If you would like to ensure that your loved ones benefit from your assets or you would like to leave a gift to a loved one when you pass away, then RG Law are here to help you put things in place and make sure that you have everything in order.
Here below are 10 interesting facts ousting any myths and notions that you may not have known about when it comes to Wills and Probate or even may help you in answering any questions you may have.
1. OVER HALF OF UK ADULTS DO NOT HAVE A WILL
Did you know… 3 in 5 adults in the UK (59%), do NOT have a Will in place! This equates roughly to 31 million people; and would mean that their assets including property and other finances, could be left to someone who they wouldn’t want to receive these things when they are gone.
2. I DON’T HAVE ANY BLOOD RELATIVES
Did you know… At the date of your death, if you have no living blood relatives, your estate may pass to ‘The Crown’. If you also have no Will you are deemed to have died intestate and your assets won’t necessarily go straight to your spouse. To ensure that this doesn’t happen, you should make sure to create a Will in order for your estate to pass to someone close to you or a charity.
3. POWER OF ATTORNEY IS NOT A WILL
Did you know… A ‘Will’ is a document that only comes into effect when you die, but a ‘Lasting Power of Attorney’ (LPA) is a document that is effective during your lifetime, if you would like to appoint someone to make decisions for you if you are unable to.
4. NO TAX ON GIFTS TO CHARITY
Did you know… If you leave a gift to charity in your Will, not only is it ‘Tax-Free’, it also reduces the amount of inheritance tax that you pay on your estate (if your estate is worth more than £325,000). If you gift 10% of your estate to charity, the tax payable is reduced from 40% to 36%.
5. YOU CAN GIFT TO MINORS IN YOUR WILL
Did you know…If you want to leave a gift or your estate to any children under the age of 18, it will remain in Trust for them until they turn of age? You can choose for any minor to receive their inheritance at the age of either 18, 21 or 25 years old.
6. YOU NEED A NEW WILL IF YOU MARRY OR DIVORCE
Did you know…If you create a Will prior to marriage or divorce, you will need to make a new Will to update your wishes, to either make sure your estate passes over to your spouse or to avoid your estate passing over to the your ex-partner on your death.
7. DEBTS ARE NOT WIPED OFF WHEN YOU DIE
Did you know…If you have any debts still outstanding at the date of your death, these must be settled from your estate first before the remainder can be distributed to your beneficiaries? If there isn’t enough money from your estate to settle your debts, then the estate maybe declared bankrupt or insolvent.
8. PROTECTION FROM CARE HOME FEES & INHERITANCE TAX
Did you know…A carefully planned Will can include specific clauses or trusts, to help protect your property from potential care home fees or to ensure that loved ones are provided for. This also applies if you wish to reduce the amount of Inheritance Tax that is payable if your estate is larger than £325,000.
9. APPOINTING GUARDIANS FOR CHILDREN UNDER 18
Did you know…If both parents pass away without appointing a guardian to look after children under the age of 18, they may be at risk of potentially being taken into care? It is very important to consider getting approval from a trusted person and appointing them in your Will to care for any young children.
10. PREPARE YOUR EXECUTORS
Did you know…If your executors need to distribute your assets such as property to your beneficiaries, then a grant of probate will be required? It is important to speak with your executors during your lifetime, so that they are aware of the potential amount of work involved or to assist them by providing them with details of your assets.
Would like to create or update your Will?
If you are interested in creating a Will or updating an existing Will, RG Law will be happy to assist you through the process.
If you would like more information, Please get in contact with one of our Wills and Probate team on:
01904 234 091 or 0208 269 9901