Top tips for Will writing and planning your estate

Don't forget about personal items and digital assets.

Whether it be a family heirloom, a collection, a book of photographs or journal filled with memories, we all have items that are significant to us but wouldn't necessarily look important to someone else. Your Will gives you the opportunity to not only think about the big stuff, but also to put in writing all the little things that you'd like carried out in a certain way.

These days, our digital assets are an important consideration, too. We all have increasing amounts of assets stored online, ranging from email and Facebook accounts, passwords for online accounts, to digital music and photos. You can choose to pass these onto family or friends when writing a Will.

Plan for Inheritance Tax.

Inheritance Tax is a tax on the estate of someone who has died, including all property, personal possessions, and money. In the UK, a record amount of £5.4 billion was collected by HMRC in inheritance tax receipts in 2018/2019.

There are various reliefs and allowances available which a professional Will writer should take into consideration when advising on the contents of the client's Will.

Our team of experienced Solicitors offer inheritance tax advice to your specific family and financial circumstances to ensure that the IHT payable on your estate is kept at minimum.

Revisit your Will at least every 3 years or following significant changes in personal life and financial circumstances.

As your life changes, so should your Will. At My Law Matters we encourage clients to revisit their Will and plan their estate yearly to ensure changes are always kept on top of.

Whether you have experienced a significant life event such as the birth of a baby, a change of marital status or the sale of a property, you want to make sure that your Will is current and ensures your assets and property are distributed according to your wishes after you die.

Speak to one of our experts Call 0800 288 9947