ANY OTHER BENEFITS?

Administering a person’s estate after they’ve passed is much more straightforward if they have a will but the process of making a will can also help to you focus on some practical issues that could make easier on your family when you’ve gone. The process of transferring your estate to your heirs (called probate) still takes some time and still involves some expense. By making some simple decisions while you’re still around can ensure your family aren’t left struggling financially during the probate process and to keep any professional costs down.

With Inheritance Tax rates at 40% making a will is also a great time to take the opportunity to focus on how you can take steps while you’re still alive to make sure that you only pay what’s due and your family benefits from your hard work as much as possible.

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In addition:

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1. You decide who will manage your estate and deal with the administration involved.

2. You can name the beneficiaries (including charities and friends if you wish) and you will know with certainty who will inherit from your estate.

3. You can appoint guardians of your choice who will look after your children until they reach the age of eighteen and set up will trusts so your children will be suitably provided for until they reach an age where you believe they can manage their own finances. These would only come into effect when you pass on and if your children were still under the age specified in the will trust.

4. You can distribute your assets in such a way that any IHT charge is minimised or, in some cases, even eliminated altogether.

5. You can take steps to protect your assets by looking at how you legally hold property, how you gift it under your will and whether using trusts would be appropriate for your will.

6. You can minimise the professional fees and costs of dealing with a complex intestacy and make sure your wishes are carried out with the least delay and avoid unnecessary distress and uncertainty.

7. Your family will have clear directions on how to deal with your affairs and may not need to employ (and pay) professionals.

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Whatever you may believe about making a will, it's worth bearing in mind that:

• Making a will should give you peace of mind and be a very practical process, but it needn’t be complex, painful or an unduly long process with the right advice and guidance

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• You don’t need to list out every single asset or possession you have unless you’re making specific gifts

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• You can keep the contents of your will completely confidential if you wish, though...

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• It can be a good opportunity to discuss future arrangements with your family so that everyone knows what you’re planning which can help minimise the scope for unnecessary disputes after you’re gone

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• A will only takes effect when you die, and you can change it as often as you like to make sure it reflects your wishes and the needs of your family as time moves on.