Thinking of writing a Will? Be very careful who you choose!

Writing a WillDid you know that cheap Wills are an easy way to lose a fortune?

There’s a reason why some solicitors, banks and Will-writing companies charge peanuts for drawing up your Will.

In exchange for the low cost of drafting your Will, these companies often insist on being appointed as your executor. Then, when the time comes, they charge an exorbitant fee for executing the estate.

With fees of around 4%, that can mean forking out £10,000 for a modest estate worth £250,000.

In contrast, when you ask THP to draw up your Will, we simply charge you a fair, fixed price – potentially saving you tens of thousands of pounds in executors’ fees.

Just as importantly, as accountants we are in a unique position to fully understand your financial position – and our advice could also save you a fortune in Inheritance Tax. Read on to learn how our Will writing and advice service gives you so much more than a bargain-basement cheap Will with a sting in its tail!

Why should I write a Will?

Accountancy services - Will planningIf you’re reading this page, the chances are that you’ve already decided to write your Will.

The most important reason for having a valid, up-to-date Will is simple. If you don’t have one in place, the Government will step in and distribute your estate on your behalf. If this happens, it may not go to the people you intended it for.

Other good reasons for writing a Will include:

  • Ensuring your loved ones are provided for after your death
  • Making arrangements for your children, should one or both parents die
  • You’ve got married or entered into a civil partnership, making any previous Will invalid
  • You want to reduce the amount of tax payable on your inheritance (see the section below)

Whatever your wishes, life can throw uncertainties at us. That’s why it’s important to ask the right questions before drafting your Will. Read on to learn how we help you do this.

Asking the right questions when writing a Will

IHT on giftsWhen you ask THP to draft your Will, we’ll help you to ask the right questions. Without the right planning and advice, your wishes may fall victim to a whole range of changing circumstances. For example, have you planned for any of these situations?

  • Your spouse remarries after your death. Will your children still inherit the share you intended, or could they even be disinherited if the new partner outlives your spouse?
  • A beneficiary gets divorced. Will your assets end up becoming part of the divorce settlement?
  • An heir gets into financial trouble. Could their creditors seize their inheritance?
  • What if a beneficiary dies prematurely? If it were your child, their spouse could remarry and your grandchildren could be disinherited.
  • A beneficiary isn’t ready to inherit. If they are young, vulnerable or suffer addictions, you may want the inheritance to be released in stages and under supervision.
  • Someone decides to challenge your Will. If they did, would they be likely to succeed and would your assets be protected?

There are many other situations that could overturn your wishes. But with the right planning, there are strategies that can protect your assets – such as putting them in trust.

Our legal team is able to advise you on how to make the Will that best documents your wishes and whether or not setting up a trust will help ensure they are carried out.

And because our legal team and our accountants work closely together, we can also help you plan for Inheritance Tax – ensuring that as much of your hard earned assets reach the people you want to inherit them.

Your Will, Inheritance Tax and Estate Planning

We’re accountants, and that gives us an edge when it comes to helping you draft your will. 

Why? Because we can advise you on strategies that can reduce the amount of tax you pay on your estate. Thanks to our help, some of our clients have saved hundreds of thousands of pounds.

So how do we do it? Every estate is different, but these are some of the things we can advise you on:

  • Matching your circumstances to relevant tax exemptions and reliefs
  • Ways of using tax-efficient lifetime transfers to lower your Inheritance Tax bill
  • Avoiding large tax liabilities when transferring business or agricultural property
  • Suggesting ways of moving assets into trust, where beneficial.
  • Whether parts of your estate are needlessly liable for Capital Gains Tax.

In short, we pull out all the stops to make sure you don’t end up leaving more to the taxman than is strictly necessary. Is it really worth risking all this for a bargain basement Will? If not, get in touch with our expert team of accountants today.

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