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A professionally drafted Will is designed to protect your assets
Your estate is distributed within law using Trusts. Guaranteeing optimum costs efficiency. This could save a considerable amount of money with regard to Inheritance and Capital Gains Tax and also Care Costs.
Do it yourself Wills are fine, providing you have the correct wording.
It is not until your Will is used for Probate that mistakes or omissions are found.
Often people do not realize that their beneficiaries might pay inheritance Tax
The Nil Rate Band for inheritance tax purposes is £325,000. This is the amount of money before inheritance tax is due. If an estate is valued at £500,000 for example, minus £325.000 the remainder is subject to forty percent tax.
The answer is a professionally drafted Discretionary Will. Any inheritance tax liability is reduced.
Professionally drafted Wills are cost effective. Because, they guarantee that your assets and beneficiaries are protected.
If you have a Business this could be even worse. Assets frozen.
This could easily mean, your business would cease trading.
Regardless of funds in an account
If you have business partners and/or employees their income and position would be in jeopardy.
A relative could automatically inherit.
Also, for Tax efficiency purposes. It might not be the right a spouse for example to inherit outright.
You make sure the right people inherit. If you do not, the government will make that decision for you.
One day someone will need to arrange your affairs. More often than not 'we do not know when that day will be'
Protect your beneficiaries from avoidable errors.