About writing a will
Anglia Ruskin alumna Claire Read, who is a partner at Essex based solicitors Birkett Long, offers her advice on the importance of writing a will. Claire studied LLBH (Hons) Law at Anglia Ruskin on our Chelmsford campus and graduated in 1996 before qualifying as a solicitor in 2000. She specialises in wills, inheritance tax mitigation, trust creation and administration and probate work.
Why is it important to write a will?
There are many reasons for writing a will, not least the peace of mind knowing that loved ones are looked after. It's particularly important for unmarried partners who may not have a legal claim to inherit, and also for parents to include the arrangements of guardianship of their children.How easy is it to write a will?
Really easy - you can do it in person, over the phone or even by email. It will usually take no longer than an hour to do but for something that may set you up for life, I'd say that's an hour well spent.Is it expensive?
Not as expensive as many people think, and if it is done properly then it doesn't work out to be too expensive at all. A good will should take the future into account. This may include future children or grandchildren and therefore may never need to be re-written. We recently had a meeting with a lady who hadn't reviewed her will since she agreed it with us 17 years ago, but was pleasantly surprised to find that it was still totally relevant and correct - the benefits of a well-written will.Is writing a will all about money?
No - we always say that protecting your family is the most important reason for writing a will. A will can include any possessions - property, animals, sentimental items and even digital media. Somebody included their iTunes music library in their will!What's the benefit of writing a will through a solicitor?
It's very important to make sure a will is written properly using specialist, practical advice. Some solicitors like us who work 'both sides of the grave' can offer practical advice on probate and any issues that arise around the execution of a will which can be very useful. Furthermore, the Legal Services Commission has recently recommended that will-writing becomes regulated - currently you don't even need any qualifications whatsoever to call yourself a will writer.What would happen if I passed away without writing a will? What issues may arise?
In this situation, the Intestacy Rules come into play. These are statutory rules which dictate who receives what and when, depending on personal circumstances. Many people are surprised to find out that it isn't automatic that your spouse takes all, even when married with children.How much inheritance tax will I have to pay?
If the total value of your estate is over £325,000 (2012/13 inheritance tax threshold), your beneficiaries may have to pay 40% inheritance tax on the amount over £325,000.Does giving to charity help to reduce inheritance tax?
Yes. All charitable donations are exempt from inheritance tax and are deducted from your estate before inheritance tax liability is calculated.There is also a new initiative called 'Legacy 10', which enables a reduction in inheritance tax. If you leave 10% of your estate to charity, the overall inheritance tax will be reduced to 36%. You can find out more about this at the Legacy 10 website.
Birkett Long have kindly agreed to offer a 20% discount on their will-writing service for all Anglia Ruskin alumni. If you are considering writing or reviewing your will, please contact us to acquire your reward code and go forth to make one of the most important agreements in your lifetime!
Visit the Benefits and Services section on our Alumni website for further information.
Visit the Benefits and Services section on our Alumni website for further information.
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