Making a Will
We are experienced in drafting Wills and ensuring that your legacy is passed on to your loved ones or the charities of your choice. A Will provides assurance and guides those who you leave behind. If you do not leave a Will then the government will decide who benefits from your estate and in what proportions.
Vyman are here to help provide you with practical and affordable Wills and Probate advice to direct your assets and business interests to those you wish. You may make specific gifts of cash, or leave specific items to named individuals or to a charity of your choice. You can also express your funeral wishes.
If you have minor children you can also set out who you would like to act as their guardians on your death. You can help avoid family disputes, reduce or minimise inheritance tax and reduce financial and other problems for beneficiaries.
We can also advise you on including a trust in your Will to help you tax plan, safeguard your assets for future generations, or to protect a vulnerable family member.
It is a good idea to review an existing Will at least every three to five years to keep it in line with any changes in your family or financial circumstances and any changes in the law. In particular, the Residence Nil-Rate Band tax allowance was introduced in April 2017, so Wills made before that date may benefit from being updated to ensure this tax-free allowance can be claimed.
There are many reasons for making a Will such as:
» Reassurance – A Will is the only way to ensure your savings and possessions go to the people you care about. A Will can help to avoid disputes arising between family members.
» Looking after your loved ones – Talking about death can be hard but talking about your Will can save everyone a lot of worry. Deciding who you will leave your assets to can help you make sure they go to the right people.
» Passing your assets for future generations – A Will can ensure that assets are kept within the family and are passed on down the generations. Second marriages and second families change the structure of your first family and the people from the second families could inherit your assets in the future; and a well-crafted Will can help to manage this.
» Saving or reducing Inheritance Tax- With a carefully-planned Will, you can also minimise or eliminate the inheritance tax bill on your estate after your death. Inheritance tax is not normally paid on anything you leave to a spouse or civil partner who has their permanent home in the UK. Inheritance Tax is only payable if your estate is worth more than a certain amount. You could reduce the final amount by taking small steps during your lifetime.
» Your funeral – letting people know if you would prefer burial or cremation, and the type of funeral service you would like saves a lot of distress for family.
Gifting to Charity – a Will allows you to benefit charities of your choice and you can leave guidance to the charity as to how you would like them to use this money. Legacies to charities are free from Inheritance Tax and can reduce the Inheritance Tax paid on the rest of your estate.
Protecting assets or vulnerable persons – your Will can be drafted to include trusts to look after vulnerable or disabled persons and to protect money until a loved one has reached a certain age.