A Will is an instrument whereby a person’s assets are distributed on his/her death, pursuant to his/her wishes (subject to certain conditions). However a relatively large proportion of us have not made a Will. This may be to do with a person’s fear of death and feeling overwhelmed by the fact that a document pertains to one’s wishes following death, it may be that a person hasn’t considered death or maybe the cost of getting a Will drafted is thought to be prohibitive.

However, overcoming these notions and making a Will not only ensures that your wishes will be fulfilled with respect to distribution of your property but also makes settling your affairs easier on family and friends.

A person is said to die intestate if they die without leaving a Will, which results in your estate not being divided in accordance with your wishes and a higher cost of probate thus reducing the amount of wealth transferred to loved ones.

There are many benefits to making a Will and very few drawbacks. Perhaps the biggest benefit is that it allows you to dictate, via a clear legal document, how you want your assets distributed following your death. Further it allows you to provide for the special needs of family members and gives you to opportunity to ensure the minimum tax is paid on death.

The making of a Will should not be done last minute or only by elderly people. A lot of thought and planning should go into it and, in many instances, a Will should be regularly revisited to take account of your current circumstances (family, financial etc.) and in line with changes to the taxation regime.

Please get in touch with us today for help and advice.

Tax Savings for GPs, Dentists, Consultants and Medical Companies

Could you be saving tax? Are you looking for a trustworthy accountant with knowledge or your industry? Fill in your name and email address and we will be touch to book your free consultation.

Thank you for your request!

Share This