When you pass away, inheritance tax may cost your loved ones hundreds of thousands of pounds. In fact, HMRC received more than £7 billion in inheritance tax during the most recent tax year.
According to consumer research done by Remember a Charity, customers are increasingly choosing to leave a legacy in their Will. A legacy has been left in the wills of 20% of UK charity supporters aged 40 and older, up from 14% ten years earlier. This is a 43% increase.
Legal terminology in Scotland can sometimes be difficult to comprehend if you have never been exposed to it. The language surrounding Will making is no exception to this. The Will itself can be divided into different gifts, depending on how the Will maker wants to distribute their estate. Gifts in a Will can either be specific, pecuniary or residual. If you are writing a Will and are confused about the distinction between these gifts, the team at McLennan Adam Davis makes writing your Will simple. Contact our knowledgeable team today to get started.
As with any task that seems difficult and involved, it can be tempting to delay writing your Will for as long as possible. Especially if you are young and healthy, you may think you don’t have an urgent need for a Will. However, if the unthinkable happens and you die without one in place, the consequences for your family could be devastating.
A loved one losing the capacity to make their own decisions can be highly distressing. As well as coping with your own emotions, you will need to take care of your loved one’s finances and welfare arrangements.
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