A GOOD TIME TO WRITE A WILL
A GOOD TIME TO WRITE A WILL

17 February 2020

One of the best times to think about writing a Will is when you buy your first property.

Unless you have a 100% mortgage you will have some equity in the property and therefore something to leave.

If you are buying a property jointly, you will also need to make some form of provision if you die. This is because should one of the joint property owners die, his or her share in the property will not automatically pass to the surviving owner.

When drawing up a Will, it is a good idea to list all of your assets so you can think whether there are any items you would like to pass on to particular family members and friends.

Bear in mind that the value of your home can increase your estate to over the threshold for Inheritance Tax, which is currently £325,000.

If the total value of your estate is less than this amount there will be no tax to pay.

For those who already have a Will, it is worth reviewing it every five years or so to reflect any life changes and major events such as having children, getting married or divorced.

Our Wills and Probate team can help you make the right decisions in relation to your Will, to ensure it reflects your wishes and provides appropriately for those you care about most.

We will ensure that all the wording is legally sound and that there are no loopholes that could endanger your estate.

Once your Will is written it will be permanent unless you decide to change it or make a new one.

For more information contact Lucy Watson, head of our Wills and Probate team by calling 01256 460830 or email [email protected]

For more information about our Wills and Probate services please click here.

 

Disclaimer

This article is current at the date of publication set out above and is for reference purposes only. It does not constitute legal advice and should not be relied on as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.

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