Wills
Making a Will is something we all know we must do but always find a good reason for not doing it. Many of us think it makes no difference to us whether we make a Will or not. HOW WRONG can we be? Making a Will is the ONLY way you can ensure your wishes are carried out. In particular, a Will ensures the following:
1. Your money goes to those you want to benefit.
English Law still makes a distinction between those couples who are married and those who are not. If there is no Will your Husband or Wife will benefit even if you are separated or going through Divorce. If you are not married your Partner is not deemed to be your next of kin and you money will go your children or your relatives.
2. You can provide Security for your children
If you die, who will look after your children? In your Will by appointing a Guardian everyone will know what your wishes were. Very useful if you think there may be a dispute, especially if you do not live with the other parent.
3. You can lessen the impact of Inheritance Tax
If you leave more than £325,000, your Estate will pay Inheritance Tax at 40% above that amount. For many that limit is easily reachable in the light with the rapid rise in house prices.
Probate
In simple terms, Probate is the legal process whereby the Executor named in the Will obtains authority to collect moneys due to the deceased. If there is no Will, the next of kin has to apply for Letters of Administration.
How can dixon, raven & marsdens help?
Bereavement is a stressful time without having to deal with your loved one’s financial affairs as well. At dixon, raven + marsdens we can lessen the stress by doing everything on your behalf .If you have been appointed Executors, we will contact everyone whether Banks, Building Societies or Credit Card Companies immediately.
We will also make sure the funeral account is settled promptly, make interim payments to beneficiaries, and where necessary put you in touch with Professional Financial Advisors who will advise on where to invest your monies or those of any children.
