The importance of writing a will
Many believe that they have no need to make a will and that their marriage partner will automatically inherit everything if something should happen. See sample wills.
This is not necessarily the case. Where there are children, the spouse will receive £125,000 and a life interest in half the balance, this will include the marital home unless it is in joint names (technically as Joint Tenants, not as Tenants in Common).
Those who make a will have virtually complete freedom as to how their assets are left. See more information.
This can be important in inheritance tax planning, helping to avoid paying too much tax.
What is Inheritance tax & how does it work?
Inheritance tax is paid on the value of an individual’s estate at death, plus any chargeable gifts made within seven years of death (subject to some relief). Certain business assets and farming assets attract 100% relief, while any monies or assets given to charity are exempt. Gifts to a spouse are also exempt.
Funeral planning & will writing
You can have your will and funeral planned all in one go. A funeral director in your local area can assist you with will writing and devising a pre-paid funeral plan that suits you.
Funeral directors can compare various planning packages available to help you make the right decision for you and the family. Click here to see the ultimate guide to costs, wills and funeral directors in local areas to Cheshire such as Warrington, Stockport and Bolton.