More than one in five wills now include a donation to charity according to a recent survey carried out by Remember A Charity.
Seven out of 10 solicitors and Will-writers say they make people aware of the Inheritance Tax (IHT) benefits of leaving a gift to charity in their Will. That’s an increase from six out of 10 in 2013.
In March the House of Lords voted against changes to the way we pay for our care that could mean poorer people have much less to leave to their families.
The Health and Care Bill was passed in the House of Commons on 22 November. It was then reviewed in detail by the House of Lords but several stages must still be completed before it receives Royal Assent, which is expected to be in April 2022.
While most people in the UK believe their affairs are simple, their requirements are often quite complicated when it comes to their Will.
According to recently published research online Will writing services often fail to consider things that can significantly affect the details of your Will such as marital status, children, assets, business and property ownership, overseas property investments and disinheritance.
In 2014 the Care Act introduced a ‘care cap’ of £72,000 on the total you would be liable to pay for your care costs. It came in to effect in April 2020.
However, most people will have to spend much more before the cap is reached; often over £140,000.
A valid Will makes it much easier for your executors to administer your estate when you die. Your friends and family will receive their inheritance as you intended, and people will be reassured that they understand your wishes.
There are almost six million businesses in the UK, most of them ranging from sole traders to businesses with around 10 employees, but many people don’t put the same measures in place for their business.