Dying “Intestate” (without a will) means the law, rather than you, decides what happens to your estate and there are therefore no guarantees that your money and your possessions will go where you would have liked them to. Imagine the additional stress this would cause to your loved ones during their time of mourning.
As well as providing ways of reducing or even avoiding Inheritance Tax, a Will makes sure that if you wish, your estate is retained by your family and that any requests you may have made will be carried out. It can be utilised to allow your money or even assets to be given to charitable causes that are important to you and it can ensure that sentimental items are passed on to the people you care most about.
An estate will be subject to IHT if, on death, it exceeds the individual Nil Rate Band. This figure is currently frozen at £325,000.
The NRB is set to increase by the rate of CPI from April 2022.
Plutus can advise you on how to make a will and plan to avoid or reduce paying tax on your estate after death.