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Why it is important to make a will

It is important for you to make a will whether or not you consider you have many possessions or much money. It is important to make a will because:-
  • if you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed
  • unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner
  • if you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die
  • it may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made
  • if your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.

Why an Independent Financial Adviser?
As a firm of Independent Financial Advisers, Financially Sound Limited have access to a wide range of products and services available in the UK - as opposed to a Tied Agent or Company Representative, who may only advise and offer products from the company they represent. This means that we are able to give you impartial advice and recommend the most appropriate products for you, so that you will enjoy choice, value for money and our high-quality service.

As and when necessary, we shall also be pleased to introduce you to the services of other professionals such as Solicitors, Accountants and International Property Services.
We look forward to being of service to you, meanwhile please enjoy our site with all of its varied and interesting topics.

The Financial Services Authority does not regulate will writing.

Financially Sound Limited is an appointed representative of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Services Authority.

News

A Guide to Inheritance Tax Planning - September 2009 - DOWNLOAD

Welcome to our guide to Inheritance Tax, dedicated to helping you mitigate the potential effects of Inheritance Tax on your estate, whether you are considering the use of family trusts or alternative solutions. Your wealth might encompass businesses, property and investments in the UK and abroad that require specialist considerations.

Helping you protect your wealth is an important part of what we do, and one thing is certain, you need to plan to protect your wealth from a potential Inheritance Tax liability. Benjamin Franklin once said that ‘nothing is certain but death and taxes’, and thanks to Inheritance Tax, they’re not only certain, they’re intrinsically linked. Once only the domain of the very wealthy, the wide-scale increase in home ownership and rising property values over the past decade have pushed many estates over the Inheritance Tax threshold.

Inheritance Tax applies to your entire worldwide estate, including your property, savings, car, furniture and personal effects. You should also consider all of your investments, pensions and life insurance policies and ensure that life polices are held in an appropriate trust so they do not add to the value of your estate.

Inheritance Tax as we know it today was introduced in 1986. The current rate of Inheritance Tax for everyone is charged at 40 per cent, and is paid by those who inherit. It is deducted from your estate on death, so Inheritance Tax is relevant whether you stand to gain an inheritance or plan to leave one.

If you would like to discuss the options available to you for protecting your legacy, please contact us for further information. We can help you with the many aspects of Inheritance Tax Planning, from advice on wills and trusts to other tax-efficient ways to ensure your wealth is best structured for your beneficiaries.

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