No matter how young or old you are, it’s important to have a will. As well as specifying who will inherit your estate, you can specify who are your executors, guardians for children, funeral wishes, etc. A will is also one of the main tools for tax planning – instead of leaving it to chance, you can choose how to mitigate the tax payable on your estate. The aim is to allow your heirs to receive more, and give the taxman less. With careful estate planning, you can ensure that the tax payable on your estate is minimised, if not eliminated.
You should also ensure that your will is reviewed and updated regularly. If not, then either the state will decide where your estate goes, or your loved ones may discover that your will has become outdated, and does not do what you intended.
As well as making a will, you should consider making a Lasting Power Of Attorney. This protects you if you become unable to look after yourself. It gives a trusted relative or friend authority to make decisions on your behalf, if you cannot do so.
We can advise and represent you in the following areas.