Time to get your Will in place.
The Resolution Foundation reveals that the value of inherited wealth is set to double over the next two decades.
Many people say, “oh, well I do not have enough to warrant a Will”… not only should everyone have a Will in place because a Will sets out how your assets, whatever they may be, are distributed as per your wishes, but you yourself may receive an inheritance which will only increase your personal wealth.
The only right time to prepare a Will is now. We never know what is around the corner and we do not know what our wealth may be in so many years time. At least with a Will in place, your wishes are set out.
The report by Resolution Foundation shows that the increased inheritance wealth is partly due to increasing house prices and the increasing use of tax avoidance tactics, for example, early gifting.
The report above mentioned also shows that those born after 1980 will receive on average between £200,000 and £400,000. This is only an average figure, but this still shows the substantial increase in inheritance wealth.
If you do not have a Will in place, yet receive an inheritance of substance, you may be causing your family and loved ones, i.e. those that you may wish to inherit your assets, more grief. If you pass away intestate, the assets will not necessarily pass how you would like them to pass.
To compound matters, depending on the value of your assets and/or your inherited wealth, you may be subject to inheritance tax.
By having your Will prepared early and understanding how inheritance tax works, you may have the option of early gifting which may reduce the potential inheritance tax liability.
It is very important that Wills are not prepared last minute, and that they are prepared early on, and continued to be reviewed on a regular basis to ensure that it still fits with your needs, whilst also ensuring that any tax liability is reduced as much as possible.
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The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.