It is likely that you have worked really hard to grow your estate throughout your life, and you want to protect your assets to make sure that they are handed down to the right people when you pass away.
Even if you do not own many assets, the possessions could still mean a lot to your family and loved ones for sentimental reasons, which is another reason why protecting your estate is so important.
How can I protect my assets?
At Wills Services, our experienced team of specialists are here to consider all of your assets and to help you put a will in place to make sure they are passed on to the people you’ve chosen when you’re no longer here.
Not having a will results in dying intestate, meaning that it will be up to the law to decide what happens to your assets when you die. Understandably, this can cause upset and conflicts between family members, which shouldn’t happen during an already difficult time.
Beneficiaries and distributing your estate
A beneficiary is the person who you want to receive a particular asset as inheritance. For example, when you pass away, you might want your spouse to receive your property, or maybe you want your children to get a lump sum of money on a particular date for.
Setting out who has what in your will makes it easy for you to share out your estate fairly, and you no longer have the burden of worrying about what will happen to them and your loved ones when you’re gone.
Whatever your wishes are, they will be carried out as stated in your will, so it is important to think very carefully about the beneficiaries you choose.
If the total value of your estate exceeds the Nil Rate Band threshold of £325,000 at the time of your death, your family will have to pay 40% tax on the difference.
For example, your estate may come to a grand total of £420,000, which is £95,000 over the threshold. In this situation, your loved ones would have to pay 40% tax on £95,000, which works out to be £38,000.
A will can prevent your family from being subject to such high inheritance tax and you can avoid this by setting up asset protection trusts within your will. Include details of your estate in your online submission and we'll be in touch to discuss how to reduce or avoid the ‘death tax’ on your estate.
Your benefits after death
Your will is not limited to only including the assets that you have right now – you will probably want to include any benefits or income that you’ve arranged to come in the event of your death.
Such benefits and income could be pension death benefits, death-in-service benefits, life insurance policies and mortgage protection policies.
When you write your will, it is important to make clear who you want to receive the income from these policies as they can often be worth a lot more than the other assets you own, so making sure where exactly the money will go after your death is vital if you do not want it to end up in the wrong hands.
Get peace of mind with Wills Services
How you split your estate and who you choose as beneficiaries is entirely up to you, and at Wills Services, we are here to help guide you through the will writing process and set out all of your wishes in a will .
To find out how we can help you avoid or reduce your inheritance tax bill and get peace of mind in the knowledge that all of your possessions and money will be managed and handed down as you wish, complete the simple online steps today, obligation-free.