Financial Planning for the Elderly: Making a Will

Whilst no one likes to think about making a will, it is an essential undertaking. Indeed, the importance of making a will cannot be overemphasised, regardless of the size of your estate. A will should be created to make sure that your final wishes are carried out per your request. When making a decision in this respect, it is best to turn to a solicitor who is well-experienced in making wills and administering estates.

Make Sure Your Estate Goes to the Right People

There are several good reasons to make a will. One of these reasons is for peace of mind. A will is the only document you can create that ensures that your estate will go to the right people. Also, a will helps avoid disputes amongst relatives since everything is clearly stated in writing. Leaving a will removes any doubt about who is receiving what. Whilst close dependents or relatives can still make a claim on your estate, solicitors in West Yorkshire can advise you on the best ways to prevent this from happening.

Keep Everyone Informed

Although it is hard for anyone to talk about death, conversing about your will can save everyone in your family a good deal of worry. You need to do so to make sure that your assets are kept within your family. In addition, a carefully planned will can reduce the Inheritance Tax on your estate after your death.

For instance, Inheritance Tax is not generally paid on anything you leave to a civil partner or spouse who resides in a permanent home in the UK. The tax is only assessed if your estate is worth more than a certain amount. Also, your will can be drawn up to let people know your funeral preferences, or whether you would like to be cremated or buried. You can also include the type of music you want played at your service.

Do not leave anything to chance. Make a will for your peace of mind, as well as for the peace of mind of the people you leave behind. Contact a solicitor today to get the process started.