GeneralTAX For Individuals

The importance of having a valid will

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One important tax consideration could be inheritance tax (which is a tax on a deceased’s estate) which can be avoided in full with extremely careful tax planning. The other very important consideration prior to death is ensuring that you have a valid will. Without one, this could cause more headache in a time of stress and mourning. Before we get into why having a valid will at death is a good thing, it is important to understand what a will actually is: A Will is a legally binding document that outlines how your assets (also known as your estate) will be distributed upon your death. Within a written will, you can also appoint the relevant individuals who will be responsible for administering your estate. So now you know what a will is, but what actually makes it a Valid Will. With all the above it is hoped that if you are writing a will, this will be done correctly and will be a valid will on death. However, in some circumstances, a will may be invalid or become invalid and this could have some serious negative consequences. Some of these will included: We know it isn’t a pleasant thing to think about, but unfortunately (just like taxes) death and preparing well for death should be high up in everybody’s priority list. This is because it will save a lot of hassle and pain for your friends and family in future years. If you would like more information about how Wisteria’s dedicated probate team can assist you, then please do not hesitate to contact one of our team members on 020 8429 9245 or email [email protected].

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