New year, new decade, new resolution - what will you do in 2020?
Not just a new year, but a new decade too! It’s that time again when everyone looks to a fresh new year and we resolve to do all the things we meant to do last year, and the year before, and the year before that – whether it’s running a marathon, finally learning to play the violin, dropping a dress size, or learning a new language! However, in reality, new year resolutions don’t often last more than a couple of weeks, but there’s one very simple resolution we can make, and keep, which could make a huge difference in the future: making a will.
It’s a startling fact that more people are guilty of intestacy than adultery in the UK, which means that the majority of the population, by doing nothing, simply allow others to decide what happens to their assets when they die.
This means that the people you love, and are closest to, could miss out on large parts of your estate. Some people are under the impression that everything would automatically go to a partner, wife or husband, but this isn’t necessarily true and the taxman might take a big chunk.
Here are our top 4 reasons why making a will should be the one resolution you keep:
1. It will be easier for your family or friends to sort everything out when you die – they will already be grieving, and if there’s no will, the whole process will become more time-consuming and even more stressful. So make life easier for them and ‘die tidy’ by making a will!
2. To make sure that what you own is shared out the way you want. If you don’t put it in your will, then the law will decide who gets what – and that probably isn’t what you want. Whether it’s your great-aunt’s china cat that must be passed down to the next closest female relative, or a villa in Spain that you want to gift to your 2nd cousin, if you don’t set out who inherits, the chances are it won’t happen.
3. Inheritance tax – having a will including often fairly simple ‘Estate Planning’ can reduce the amount of Inheritance Tax that might be payable on the value of the money and property you leave behind.
4. Last, but by no means least, to make sure that your children, or other family that depend on you financially, are taken care of.
Of course, you might hate your family and relish the thought of them fighting tooth and nail over all your possessions, and want them to wade through mountains of paperwork to try and sort out your estate. Or maybe you have a secret passion for tax and want to make sure that HMRC is well provided-for? If that’s the case, then maybe making a will just isn’t for you!
For everyone else, don’t let the year slip by without taking action – call us now on 0800 118 1500 for more information and to book an appointment. Ask about our fixed price wills – a small investment now will give you years of peace of mind and potentially reduce your Inheritance Tax liability.
For more information please contact us