Reading the papers over breakfast I see that the subject of inheritance tax is in the news once again and that the government are promising to review it yet again! I am tempted to move on quickly and read some other article. I don’t because it really is worth more than a passing glance or thought. When I read articles like this I know many people will start asking these questions “Do I really need to make a Will?” “If I don’t have to pay inheritance then I don’t really need a Will, do I?”
Many people think of Wills as being all about the money namely the saving of inheritance tax. For me it is about family first and foremost. Being the father of an extremely lively three year old has brought a whole new perspective to my life. I am an older parent and sometimes I scare myself when I think about her future “What if the worst were to happen?” “What if me and my wife died at the same time?” “What would happen to our daughter?”, “What provisions do we have in place for her?” You can see how your thinking goes a little bit crazy. A Will is not just about making sure you save as much inheritance tax as possible. For me it is now about my daughters future and especially if neither one of us is there for her. The big question for us was who would be who would be best placed to take care of our daughter on a day to day basis (this is called appointing guardians)? Would it be her grandparents, my brother or any of my wife’s family? There are many choices open to you. If you make a will the choice is always yours but if don’t have a Will then things can get complicated.
The problem is once you ask one question others soon follow. If the worst did happen, should our family home be kept for our daughter or should it be sold to pay for the cost of her upbringing? I am not always 100% sure what the right answer is. When I look at my daughter I know I have choices. Some of them would depend on how old she was if we both died. What I do know is that if I don’t have a Will (referred to as dying intestate) those choices are out of my control.
Making a will raises a lot of questions especially if you have children. Getting the right guidance and advice means that most concerns and addressed effectively and quickly. If you want expert advice in making a Will, call me, Mark Hill on 01733 511060 or email me email@example.com