20 February 2015 by

Putting your house in order

Now that January is out of the way, it is the time of year that many people start taking a bit more interest in their new year’s resolutions. One aspiration which often makes it onto the list is writing a will.  To help spur on anyone who hasn’t yet crossed it off their list, here is a recap of the reasons why you might want to make a will and what you should think about before doing so.

It is a bit lazy to say that everyone needs a will, but by and large it is true.  However it becomes especially important to make a will if you:

  • Have young children (or if you do not fancy the idea of your children inheriting your estate at 18).
  • Have children who are mentally or physically disabled and who may not be able to look after their own affairs.
  • Own property – especially if you own property jointly.
  • Are in a relationship but are not married.
  • Have been married before and want to safeguard assets for your children from the previous marriage.
  • Own and run a business.
  • Own and run a farm.
  • Are a landlord.
  • Have significant intellectual property rights and/or an artistic legacy.
  • Wish to reduce inheritance tax or exposure to local authority care fees.
  • Wish to leave money to charity on your death. 

Before we write your will, it is sensible for you to:

  1. Make a list of your assets and liabilities.  This is important so that you know what your estate contains, and can start planning for inheritance tax or making gifts of specific assets.
  2. Think about who you want to inherit your estate, and whether or not there should be any limits on that (i.e. do you want your children to inherit at a later age than 18?).
  3. Think about who you want to sort out your affairs after you are gone.  Executors are responsible for administering your estate, whilst trustees are in charge of managing any funds held in trust afterwards.  Think about the job you are asking them to do and consider whether they are suitable. 

The above list really just covers the basics; making a will should be seen as part of a wider process of succession planning with the aim of protecting yourself and your family’s wealth that could include financial advice, inheritance tax planning and lasting powers of attorney.

To enquire about how we can help protect you and your family, please contact Iain Aitken on 020 7288 4713 or iainaitken@boltburdon.co.uk.

23 January 2015 by Matthew Miller

Just between the two of us… or is it?

Before entering into any new commercial relationship, every business should consider whether it will be safe to share its confidential […]

30 January 2015 by Darren Coleran

The right to extend your lease term – a brief guide to the statutory process

The current legislation governing statutory lease extensions sets out a clear framework and timetable under which flat owners can ask […]

Signup To Our Weekly e-News

"*" indicates required fields

We’ll never share your details with any third party in line with our privacy policy.