parnabyevans

"your family will be secure"

Many people believe that making a Will is enough to ensure the people they care about get what is due to them. But this is not always the case, particularly when you consider that inheritance tax is currently payable on anything over, £325,000 (2011/2012). In fact, the chances are that you are already liable to pay inheritance tax without even realising it.

It is possible that future legislation may change the rules: drawing up and reviewing your Will regularly to ensure it is still up to date is always advisable.

You can avoid paying unnecessary levels of inheritance tax by setting up a suitable trust, where your assets are held for your loved ones — free of tax. With the right advice you can make sure that the biggest beneficiary of your Will is not the taxman.

Making a Will means that you can determine exactly who gets what after your death, rather than leaving your assets to be divided up according to the intestacy rules.

If you do not have a Will, or your circumstances have changed since the last time you made a Will, this may result in intestacy. Here's a quick guide to what would happen if you die without a Will.

Here are some ways in which a Will can be helpful

Skipping a generation: instead of leaving all your assets to your children - who may already have inheritance tax problems of their own - you could use your Will to leave your assets to your grandchildren, perhaps creating a trust if your grandchildren are too young to deal with an inheritance.

If you can't avoid inheritance tax, it is worth bearing your liability in mind when your Will is written. You will probably wish to reduce specific bequests accordingly because whoever is to receive the residue of your estate could find their share significantly diminished after the tax is paid.

A professional Will writer will be able to help you decide what is best for you and your family.