Re-writing your Will
Jul 19, 2006
Author: Jeremy Cook

When did you last revise your will?

Do you even have a will? Did you know that if you do not leave a will, then how your money and property on death is divided is decided by rules laid down by law. This could mean your children, spouse and even parents sharing in your assets when you might simply have wanted everything to go to your husband or wife? Now is a good time to consider planning these matters.

Jerry Cook says

We can prepare a comprehensive will for you and if your estate is sufficiently valuable to take full advantage for you of the inheritance tax nil rate band. For example a father could leave the amount of that `band` to his children with his wife receiving the balance. The result is that when his wife dies, at some time in the future, there is no inheritance tax to pay on the legacy to the children under their the father’s will. The budget has tightened up some of the rules relating to certain other trusts and it is establised that at least 1million existing wills in the UK may need to be revised to take account of the changes. Many wills contain a `trust` clause which might be caught and should be checked. It appears currently that you will still be able to write a life insurance policy into trust and then when you die the proceeds are not subject to inheritance tax so there is scope for some tax planning despite the changes. Also people’s circumstances change and a new will can a good ides.

Contact Jerry Cook on 01494 521301 for further information.