Making a will –taking the thrill out of life

By Melanie Christodoulou, Senior Partner, Private Client Team

Thinking about making a Will is not the most thrilling task for most people. However, taking the time to discuss with an estate planner how you want your assets to pass on your death is something that you should consider. It is even more important these days with complex family structures, potential claims against an estate, lifetime gifting and the burden of inheritance tax.

Everyone’s objectives and circumstances are different. Luckily in the UK, we have testamentary freedom to gift our assets to those we wish; but the wording of such a Will has to be clear and any potential issues that may arise need to be appropriately advised on.

For the majority of us, our home is our main asset. You protect this through insurance so why wouldn’t you also protect this on your death for the individuals you wish to benefit?

Protecting your assets now has become even more essential with the recent changes in tax legislation and reduced reliefs in an estate. This is where an estate adviser can assist you with lifetime planning.

Examples include:

• making lifetime gifts to those you wish to benefit most;

• setting up a lifetime trust to hold assets outside your estate;

• using life insurance policies written in trust, which pay out directly to beneficiaries; or

• restructuring property ownership to avoid unintended consequences

There is not a “one size fits all” and so advance planning helps navigate your aims and ensure the assets you have worked hard for are protected.