Fundamentals
Who, What, Where, When, How...?
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Who should write a will? Pretty much everyone, from those who have little if any money and few possessions, to those who are wealthy or have complicated family arrangements. See Do It?!
Who should write YOUR will? If your affairs are very simple, and you can handle a complex document, you might be able to do it yoursself. Far safer is to consult a professional, but make sure you get a good one. See Buyer Beware.
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When should you make a will? As soon as possible, even if you are young. Definitely make a new will if you remarry - unless your will was made in contemplation of your forthcoming marriage, wills are automatically revoked by marriage. See Legal and Marriage. Other major life changes - divorce, buying or selling art work or a property, the arrival of grandchildren - may mean that it is time to make a first will or revise an existing one.
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How do you go about making a will? The legal pages and case studies in this site can alert you to the major issues you need to consider. The Lists page shows you the homework you need to do before consulting a professional.
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Where should you store your will? Your home is handy but may not be as safe as you think, even if you have a strong safe (because wills have been known to vanish in this air). Other secure venues may not be as secure as advertised. See Storage.
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How much inheritance tax will my heirs have to pay? IHT is payable if an estate is worth more than £325,000 (up from £312,000 for 2008-2009). The tax rate is 40% - of the amount above the threshold. Quick simple example: If an estate totals £1 million, £325,000 threshold is not taxed. The amount above this threshold, £675,000, is taxed, at 40%. Tax due is £108,000 (40% of £270,000). The tax bill can be reduced by numerous strategies, including gifts during your lifetime, and to charity in your will.
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