Deciding what will be included in your Will is one of the most significant financial decisions you will make. Your Will determines exactly what you would like to happen to your estate when you die, how assets such as your personal possessions, property, savings and investments are distributed to those you care for and want to help.

Many people have simple estates which are straightforward to organise. For others, a Will is just the first piece of the estate planning puzzle. Working with an independent financial adviser (IFA) to write your Will can provide you with confidence that the decisions you are making take in to account your whole financial situation.

By organising your Will yourself, your inheritance tax liability may not be assessed properly and your loved ones may be faced with an unexpected bill after you have gone. This bill must be paid before any assets are distributed to your beneficiaries and can run to a substantial amount.

When writing your Will, an IFA will be able to advise you on your inheritance tax position and discuss ways to reduce any tax liability. For example, you can give away gifts each year - £3,000 in one go and £250 to many different people.

It is possible to give larger amounts of money to loved ones and ‘Potentially Exempt Transfers’ are a great way of doing this during your lifetime but are still deemed to be part of your estate for 7 years after the gift is made. An IFA can advise on various ways to cover any IHT payable on these types of gifts.

There are many other areas an IFA can assist with when writing your Will - the process is far greater than just taking a note of your wishes and we would always recommend taking professional advice. As well as analysing your entire financial situation when making your Will, we can also organise Lasting Power of Attorney for you to ensure your interests are protected while you are still alive too.

To take advantage of our offer of a complimentary estate planning review, call 0117 3636 212 or email office@haroldstephens.co.uk.