Will Writing Issues

There are lots of things to consider when you decide it’s time to commence your Will writing.

Inheritance tax is one of those issues that is not always at the top of the list for reasons to commence a Will, particularly I guess in the early stages of your life when Will writing is probably a result of getting married, and most likely when you have your first child.

The issue of inheritance tax is often brought up by financial advisors, who, in making assessments of your affairs would be expected to consider what you have incorporated in your existing Will if you have one, and any changes in your Will that will need to be incorporated. As you get older and hopefully accumulate some wealth especially property which although can go up and down in value just like stocks and shares, generally tend to remain steady and usually increase in value. So when maybe your first Will writing exercise did not take into account inheritance tax issues, as you get older it is quite likely that your total estate with one maybe two properties could cause a problem for those that are left to deal with the estate.

When you were originally doing your Will writing research you would have chosen two executors to administer your estate, and part of that duty will involve making sure that all debts are paid from the estate and what ever is left will form the residual upon which your liability for inheritance tax is calculated.

With tax rates due to go up it seems anything over the current band that will rise upto £350,000 by April 2010 will attract taxation either at 40% or maybe even the new rate of 50%. So when writing your Will if you think the net value, after all debts are paid, of your estate is likely to incur inheritance it’s wise to seek professional advice to help with your Will writing.

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