Death and Taxes: What to Know When it Comes to Wills in the UK

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Death is unavoidable and, as you age, you should seriously consider what you should do when it comes to preparation. One of the most important things you need to prepare is a last will and testament. In the UK, if you die without a will, the government will do your responsibility for you and divide the estate according to its own rules. This is why you need to make a will. To ensure your will is done right, here are a few useful tips.

Have Your Estate Assessed

Before you can decide on how to decide to divide your property, you will need a full assessment of your estate. This includes everything you own, ranging from houses to land to your money in the bank.

Your estate is not just what you own either, but includes your debts, too. Regular assessments always ensure that you are up to date on your value so that you can change your will when necessary.

Always Get Help

A last will and testament is a legal document. It will cause problems in the future if you don’t get some legal help when preparing it. Fortunately, it is easy to find family lawyers in London and other cities who can give you the advice that you need when coming up with your will. They are essential since lawyers usually have the job of contesting badly drawn up wills. If you want your will to be air-tight, someone who has experience with bad ones can ensure that no loopholes appear in your own.

Find a Trustworthy Executor

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The will is only so many words on paper if you don’t have someone willing to act as its executor. The usual choice for this is the same lawyer that helped in drafting the will. This is because they usually act as good neutral third parties when it comes to implementing the instructions in your will.

Another good choice for executor is someone very close to you. This is why people often trust their spouses with the job if they are still alive. Besides the main executor, you should also get a substitute executor if the primary one is ever hurt or incapacitated. This ensures that your wishes will become a reality, no matter what happens.

Be Careful About Taxes

As the old saying goes, taxes are the other thing that is inevitable. If you have a large estate, then you might get hit by a large inheritance tax. To avoid that problem, you might want to create a trust as part of your will. Talk with your solicitor on how you can reduce the tax burden for your surviving family.

Keep It Stored Safe

When done and approved, you should keep get a witness and sign it. After that, you will need to hide it away in a secure place. You can keep it at home but you should also have a backup location. This is where your lawyer comes in again. Have copies with them to ensure that your will is never lost.

Have Your Peace of Mind

When you are dying, you don’t want to worry about how your family is going to handle your estate. With a will written, the government won’t have to step in. The tips above ensure that you write your will properly. If you heed the advice of your family lawyer, then you will be sure to have no regrets about your property when you pass on.