We know death can be a hard talking points – but it’s also better to be prepared in advance.
At 174 Law we give detailed advice and guidance on will, trusts and estate planning. So whether you’re looking to make a will or you’re an heir wondering if you’ll need to pay inheritance tax or looking at ways in which you can look to manage any inheritance Tax Liability – we’re here to help.
How can we help?
The 174 Law team helps you cut through all the legal jargon and loopholes by providing information and assistance with a variety of services including:
- Make a will
- Amend a will
- Inheritance tax Planning
- Setting up a trust
- Appointing executors (the people who you want to deal with your estate when you pass)
- Estate administration and planning
- Lasting powers of attorney
Why is it important to make a will?
Making a will is one of the most crucial ways to make sure your wishes are met and respected – but that’s just one advantage. Other benefits of making a will include:
- Details on the funeral service: Choose from a burial, cremation or an alternative option. A will also also gives you the chance to select music, flowers and other aspect
- Financial security for loved ones: You can decide who gets what in terms of your possessions, property, finances and so on.
- Avoiding arguments: A well-crafted will can help diffuse any disputes. We recommend hiring a solicitor to help you create a will that’s argument-proof
- Protection: A will help you protect money and assets for the future generations in your family
- Cut down inheritance tax: A great will can actually lead to your family paying less inheritance tax.
What if I choose not to make a will?
If you don’t make a will then you’ll be classed as dying ‘intestate.’ This means assets, property, money and so on may not go to the people you want it to. The assets will only be given to your loved ones once your debts, funeral and other expenses have been paid.
Intestate Rules state that if your spouse or civil partner will inherit a minimum of the first £250,000 of your estate, as well as all personal items. But if you’re not married or in a civil partnership with your partner then they won’t automatically inherit from your estate. A will will give you certainty and clarity.
What’s the difference between a trust and a will?
A trust is part of a will and is a method of preserving assets for certain people. For example, you can leave money and assets to a grandchild under the age of 18 but it’s managed by a ‘trustee’ – usually an executor appointed by you until a specified age such as 21.
How can I value my estate?
The best way to value your estate is to make a note of your assets and debt. It’s a good idea to value your assets on a regular basis so you always have a clear picture of your financial situation.
Assets you can include on your estate may include your home, other properties, savings, premium bonds, insurance, pensions, vehicles, jewellery, antiques, furniture and investments. Debts might be mortgages, loans, credit cards, overdrafts and equity release. It’s always recommendable to talk to an estate planning specialist, so you know exactly what options are available to you.