Why is it a good idea to have a Will?

An up-to-date Will is the only way to guarantee that your wishes are carried out after you die, and the people you care about get the gifts you intended for them.

Your Will is an opportunity to reflect your wishes. Here are some of the things you may need to consider.

Your Will should keep pace with changes in your family and circumstances. The ideal situation would be to review your Will as frequently as every couple of years. Obviously this situation would need to change if certain events occurred that made reviewing your Will vital. This would be true for:

• A change in your financial circumstances
• A house move here or abroad
• A birth or death in your family
• Marriage, divorce or separation

If you do not make a Will, the laws of intestacy will apply. These laws govern how your estate will pass to your next of kin, without regard to your wishes. Ultimately if there is no one in the categories stipulated by the laws of intestacy, then your entire estate will pass to the Crown. Rather than this, why not take the time to make a simple Will and leave a gift or a share/all of your estate (after all liabilities are paid) to STARS.

A Will is a legal document which sets out your wishes with regard to everything you own after your death. The Wills Act 1837 lays down the rules as to how a will should be drawn up – and if it fails to meet any of the legal requirements, it will be invalid. Therefore it is very important that your Will is drawn up professionally, duly signed and dated and witnessed. As a consequence of this STARS strongly recommends that you consult a solicitor who specialises in making wills and setting up trusts. (Find a solicitor)

It should be noted at this stage that there are a number of gifts in Wills, which avoid inheritance tax. For example gifts between spouses, and gifts to registered charities.
You may also be able to have a trust set up to avoid unnecessary tax, or make gifts of some of your estate while you are still alive. What ever you decide please remember that inheritance tax is currently charges at 40% and you need to make sure you are fully aware of the value of your estate.

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