Wills are something that all of us know we’ll have to deal with eventually, but often put off until we’re older, have dependents, or become ill. However, all adults should have a will, whether you’re just starting out in your career or planning to retire, and you should keep it updated as your situation changes. The best way to get a will written is to visit solicitors in Reading who can draw one up for you, ensuring everything relevant is included and that it’s legally binding, so you know your wishes will be carried out. Here are some of the reasons why you should sort your will out now.
Your loved ones can pay less inheritance tax
You may associate inheritance tax with the wealthy, but many people now die with bigger estates due to property prices, which means their loved ones can end up with a big bill. The average house price for a home in Reading is nearly £400,000, while the cut-off for inheritance tax is estates over £325,000, so it’s easy to see why so many people of average means end up paying. By using Harrisons Solicitors, you can find out the best way to minimise your inheritance tax, such as leaving your home to a spouse or civil partner.
Death taxes on property aren’t just levied on the rich; they affect everyone who owns an expensive home. But there are ways you can limit the amount of tax paid on your estate when you pass away – and make sure your survivors get what they deserve when you go.
You can assign guardians for your children
Reading is a popular area for families, which means there are lots of people in their 20s, 30s and 40s who are caring for young children. While nobody wants to think of their child becoming an orphan, it’s important to appoint a guardian for your kids in the event that both parents die, because:
- It gives them stability, should the worst happen
- It avoids custody disputes between your family members
- Without a guardian, the courts will appoint someone, who might not be your first choice
- You can choose people who are financially responsible for their trusts
Family relationships can be complex, and it’s important you choose the right people to look after your children. By looking for recommended solicitors in Reading to write your will, you can ensure your children are looked after by the best people.
It makes life easier for your loved ones.
Even if you don’t have a big estate, the process of dealing with a death when a will hasn’t been left is complex. In among the stress of planning a funeral, your loved ones would need to apply to become an executor, and your estate will be subject to intestacy rules, which means you don’t get to choose where your money goes. Using lawyers in Reading means that you can appoint executors that you trust, leave money and possessions to those you care about, and even make specific requests for your funeral planning. Overall, here are some of the reasons why you should have a will:
- To ensure your wishes are carried out. A will is a legal document that states how you want your assets distributed after your death. This means that you can choose who will inherit your property, money, and possessions, and you can also make specific instructions about how you want your funeral to be handled.
- To avoid probate. Probate is the legal process of transferring your assets to your beneficiaries after your death. It can be a long and expensive process, so having a will can help to speed up the process and save your beneficiaries money.
- To protect your family. If you die without a will, your assets will be distributed according to the laws of intestacy. This may not be what you would have wanted, and it could lead to disputes among your family members. A will can help to avoid these disputes and ensure that your assets are distributed in the way you want.
- To minimise estate taxes. A will can help you to minimise estate taxes by taking advantage of certain tax-saving strategies. For example, you can leave your assets to your spouse or children outright, or you can set up trusts to protect your assets from taxation.
- To appoint guardians for your children. If you have minor children, a will can help you to appoint guardians who will take care of them if you die. This is an important decision, and it is important to choose guardians who you trust and who will provide your children with the best possible care.
- To make gifts and donations. A will can be used to make gifts to your loved ones, friends, or charities. You can also use a will to make charitable donations that will benefit your community.
|Harrison’s Solicitors Reading
7 Castle Street
RG1 7SBTel: 0118 321 2979
|Harrison’s Solicitors Caversham
1 Prospect Street
RG4 8JBTel: 0118 321 9651
|Harrison’s Solicitors Woodley
72 Headley Road
RG5 4JETel: 0118 321 9773