Here are some of the key reasons you must consider writing a Will
If you want to be sure your wishes will be met after you die, then it’s important you have a will.
A will is the only way to make sure your savings and possessions (your estate) go to the people and causes that you care about.
If you die without a valid will, you have no say in what happens to your estate. Instead, the ‘Rules of Intestacy’ will divide your estate in a pre-determined way and this may not be to people who you wished to benefit. It also may not be carried out in the most tax-efficient way.
As an Expat, there are even more reasons to have a valid Will in place. Different countries have different rules around inheritance, property and tax. You need a Will that protects your assets as much as possible and ensures that your wishes are carried out in regards to your estate.
Losing someone is incredibly hard, and the last thing any of us want to do is spend those hard times haggling with lawyers and family members.
Making a Will keeps your loved ones from having to deal with bureaucracy in a time of sadness.
A Will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.Writing a will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.
Many people just can’t face the prospect of contemplating their own mortality but making a Will is not a harrowing process and it doesn’t mean you are going to die!
How to Use Life Insurance to Mitigate Inheritance Tax
If your total combined assets including your life insurance exceed the inheritance tax threshold, your beneficiaries will have to pay the inheritance tax due before they are able to gain access to your estate. The life insurance, alongside other assets, will also need to go through probate, which can take months, if not longer to complete. Luckily, there are ways to mitigate this.
Published On: March 11, 2018|3.5 min read|
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