Loved ones missed out on £8 Million in inheritance last year because people didn’t leave a will.
The Government got it instead.
Sadly, we’ll all pass away at some point and if you don’t plan for that eventuality. You won’t be able to guarantee that the people you love and care about will inherit what you want to leave them.
Tyto Law can help you prepare.
You might be wondering, what even is a will?
A will states who inherits your estate when you die.
It also says who’ll act as “executor” the person in charge of organising your estate and following the instructions left in your will.
Sadly, many people who want to have a will pass away, without being able to leave their instructions.
If you pass away in these circumstances, it’s referred to as “Intestacy” or “Dying Intestate”.
The law will vary whether you are in England/Wales, Scotland or Northern Ireland, but dying intestate can mean:
- The Inheritance Tax your estate has to pay may be higher.
- If you are married, your husband or wife may inherit everything and your children may get nothing. This is also the case for separated (but not divorced) couples
- If you die with no close living relatives claiming the estate, the Government or the Crown will get the whole estate. This law is known as “Bona Vacantia”
So why should you consider making a will with Tyto Law?
The administration involved after your passing can be made a lot easier on your family and friends if you have a will. Without a will, the process can be far more stressful and time-consuming.
You also have control over what happens with your estate and possessions if you write a will. Not having one means that everything of yours will be shared out in the default way stated by law. This might not reflect what you actually want to happen.
If you don’t have a will in place, the Inheritance Tax on the money and property you leave behind may be much higher than if you had a will.
If you have children or family depending on you financially, writing a will is important.
A will safeguards your legacy, providing for your family and loved ones.
So let’s discuss how we can plan for this.
Get in touch with me at firstname.lastname@example.org or phone/text if that’s easier on 07875 005 229.