It is never too early to consider putting provisions in place for your family and their future. The size of your estate is irrelevant, everyone should have a Will in place. However succession planning involves more than just making a Will, as you may wish to consider trusts, gifting of assets etc. which would occur during your lifetime.
If you have a spouse and children it is important that you seek legal advice regarding putting a Will in place, more than likely, mirror Wills for yourself and your spouse to ensure your estate passes where you both desire.
If you are a business owner, it is important that you put the correct procedures in place to ensure your business or share of the business is looked after in the future.
Alternatively you may be someone whose estate would be subject to inheritance tax on your death. The current threshold for a single person is £325,000, anything over this amount, taxable at 40%. There are of course additional amounts to claim and exemptions available depending on your circumstances. It is important you seek legal advice regarding this as succession planning in your lifetime can minimise the impact of inheritance tax payable on your death which will maximise the volume of estate passing to your beneficiaries.
If you do not put a Will in place, your estate passes according to the intestacy rules and is therefore out of your control.
Decisions such as these are often avoided or put off due to the emotional implications they carry, especially in the current climate we find ourselves in. Our specialist team can help you along the way and make such decisions easier and give you the reassurance that you need. I often find that clients feel like such a weight has been lifted once they have sought advice and put the succession provisions in place they require.
Please feel free to contact us on 0161 696 6238 and we will be happy to discuss, without charge, how we can help, with no obligation to go ahead with the service.
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