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The 7 reasons you need a last will and testament

Nobody likes to talk about dying. But no one said that talking about dying has to be morbid either!

It helps to think about the peace of mind it will bring to you, your loved ones, and the people you care about. So below are the top 7 reasons you need a last will and testament.

1. It allows you to leave your assets to the people you love the most and who matter most to you. You’ve worked hard to accumulate your assets, why risk them being left to the wrong people when you die? A will allows you to leave specific items to specific people, perhaps your grandfather’s watch to your child, your prized golf clubs to your golf partner, and perhaps a financial legacy to your favorite charity.

2. You can exclude people from your will (for example, ex-spouses or wayward children). It is a sad fact of life that many people do not get along with family members, after all, you can choose your friends, but not your family! Your will may exclude named persons, it is recommended that you provide a reason why, in a sealed envelope stored with your will in case an excluded party attempts to make a claim. however, he may try to bury the ax and make a truce, after all, life is too short!

3. You can reduce your inheritance tax liability (a 40% tax) through careful planning, thus ensuring that your loved one inherits more of your estate, not the government. You have already paid taxes at least several times on the same money during your life, so why give even more to the government? The cost of a trust will generally be a small amount compared to the possible inheritance tax bill.

4. If you die without a will (intestate), the government decides who gets what!

That is why the government received over £ 3.14 billion in 2013! The government has already written you a will, so if you don’t, your estate will be divided according to your instructions. Naturally, they have also been included in it.

5. You can decide who are the guardians of your children if you die before the age of 18. Did you know that Social Services decides who is best served to take care of your children if you do not have a will?

6. If you are not married, your partner could be left with nothing and even homeless. Unfortunately, if you die without a will and you are not married (or in an official civil partnership), the Intestacy Law states that you are only entitled to half of any assets owned in a joint name. Everything else goes to blood relatives (children, siblings, parents, etc.)

7. A special trust within a will can protect your home from being sold to pay for residency fees (all for less than the cost of 1 week of care fees!). Although local authorities have made it illegal to protect your home regarding potential residency fees, it is not illegal to place them in a property protection trust. This renders the house useless and worthless to the Local Authority, as half or all of the property is owned by a trust.

Making a will is more affordable than you might think, with huge benefits for your loved ones and peace of mind for you. Don’t leave your family at risk, both financially and emotionally. They will be delighted that you did.

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