The importance of making a Will

Given the increase in complex family structures and the current financial climate, it is especially important to make a will or to revisit an existing will.

Changes in circumstances, whether financial or personal, may mean that the terms of an existing will no longer reflect current intentions.

The benefits of making a will include the following:

• To ensure that one’s estate passes to chosen beneficiaries, including immediate or extended family, friends or charities.

• To choose a trusted and appropriate person to act as executor.

• To appoint guardians for minor children and to ensure that they are cared for by chosen family or friends.

• To make provision for partners, where there is no marriage or civil partnership, or for ‘step-families’.

While the government has introduced a transferable nil rate band arrangement for married couples (to ease inheritance tax pressures), the rules are more complex than many appreciate. It is important, therefore, to seek legal advice so as to ensure that relevant rules and their application are fully understood.

These rules do not guarantee that the survivor of a married couple will be entitled to the benefit of the deceased’s nil rate band. Instead, a claim must be lodged with the relevant authorities, confirming the value of the estate of the first to die and providing supporting documentation and details of gifts made within seven years before death.

It therefore remains essential that you visit your local solicitor to ensure that your will and your inheritance tax planning are up-to-date.