The vast majority of people put off making a Will for a variety of reasons - believing that the people they wish to inherit will automatically do so, or because they don't think it's relevant to them at this particular time. The reality is you can putt of making a Will until it's too late and this poses all sorts of problems for the people left behind and could mean that some, or all of your inheritance either goes to the wrong person or to the state.

Specific bequest - leaving a specific item of which you own. For example " I leave my jewellery to my daughter"

Residuary bequest - leaving a percentage of whatever your estate is worth after any debts, costs, liabilities, legacies and tax have been paid. For example "I leave 50% of my estate to my brother"

Reversionary bequest - Specifying what happens if the person you leave it to dies. For example "I will leave the shares of my house to my wife if she survives, but if she doesn't survive I will pass it to my daughter"

A trust - Allows you to say who will benefit from your property immediately after your death and then who you would like to benefit from your property once the first person you chose has died. For example "I will leave my house to my wife for the rest of my life, then it will go to my son"

Check if you'll have to pay Inheritance Tax

The Inheritance Tax threshold is currently £325,000 for an individual or up to £650,000 for a married couple or couple in a civil partnership.

Protecting your beneficiares

Sometimes you might want to set safeguards if your leaving something to a child or someone with disabilities or health issues. You might want to then consider setting up a trust.

For more information on Wills, trusts or any other services please give us a call on 0800 690 6355.