The rules surrounding Inheritance Tax change frequently so it’s dangerous to assume you are aware of the latest regulations. The first place to start is with a robust will.
Currently 47% of UK adults die intestate, in other words without a will. According to the Society of Will Writers, many people believe that if they make a will they will die soon, so there is a degree of suspicion and distrust to overcome.
Fortunately, many people do have wills (and haven’t expired as a result!).
If you are tempted to try a ‘do it yourself’ will, think again: they might be cheap but the consequences of getting it wrong could be extremely costly for your family. There are plenty of people who could help you with this and at Vincent & Co we can recommend some for you to speak to.
If you own a business you need to understand the implications too. You need to have a robust succession plan and ensure all relevant people are included.
We understand you will need to tell the will writer confidential, highly personal details so you need to like and trust your will-maker in the same way as you need to like and trust your accountant, so we understand you may need to speak to a few before selecting one.
It doesn’t have to cost a fortune, but it could save you one. Call us for advice – especially if you own a business too – and The Society of Will Writers has good ideas and tips so view www.thesocietyofwillwriters.co.uk/