Making A Will Should Be Your 2019 Resolution
Oldham Law firm Pearson Solicitors is urging local families to consider making their New Year Resolution for 2019 to get a Will and plan their financial futures.
January is a particularly popular time to make a Will or make changes to an existing Will. Could family feuds over the Christmas turkey be a contributing factor? As families come together some members revaluate who should (and who shouldn’t) be included in their Will.
But for most it’s a resolution as the New Year brings with it a fresh perspective and a desire to get finances, life planning and other affairs in order. It could be that some have been considering making a Will or updating an existing Will for some time but have decided to put it off until after the holidays and with potential inheritance taxes to consider it’s a great time to get organised.
Private Client Solicitor at Pearson Solicitors explained: “Christmas brings people together but it can also lead to conflicts and family fallouts – as a result we could see a peak in Will amendments coming through in January, but at the same time we start each year anew and as families grow it’s time to adapt and change your Will.”
Why It’s Important to Make, Review and Update Your Will
Without a valid Will in place, you have no control over who will inherit your money, property, possessions and even your pets after you die. The law will decide who gets what under strict inheritance laws called the Rules of Intestacy, potentially going against their wishes and no-one but the Government benefits.
Even those with obvious beneficiaries such as spouses or children should still plan ahead. Wills and trusts can help to reduce Inheritance Tax (IHT) bills. Those with assets valued over the nil rate threshold of £325,000 will pay 40 per cent inheritance tax to the State on any sum above that threshold. But if you then leave everything to a husband, wife or civil partner in a Will you pay zero inheritance tax – known as a spouse exemption. A husband or wife can then leave up to double – £650,000 – to beneficiaries free of inheritance tax when they die.
“Tax law and care home funding provisions are changing continually. Ignoring this fact could prove extremely costly given the potential sums involved,” added Private Client Solicitor.
“With our blended families organising our life can be complicated and without a proper will in place, members of the family from the first marriage could find themselves completely disinherited in favour of the spouse and children from a second marriage and Wills that are out of date are more likely to be contested.
The New Year is a good time to get active, call your solicitor and ensure you have peace of mind,” she said.
“At present, one in three people in the UK dies without making a will, and half of all people over the age of 45 have not made a will, but everyone who has property and who cares about what will happen to it on his or her death should make a Will. If you die without one, your money and possessions may be distributed to people you do not believe should inherit them,” she warned.
To chat to someone about making your Will this 2019 call 0161 785 3500.Subscribe to our newsletter
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
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