What to include in a Will

Although it varies from England/Wales and Scotland, in general, the law says that you can distribute your property in almost any way that you choose when you die, but there are a few restrictions.

Two of the best known, and often most confusing aspects is that Inheritance Tax needs to be paid on the estate, and that any debts also need to be cleared. Only then can what’s left be distributed following your instructions in the Will.

You must also include all financial dependants as beneficiaries – it’s not impossible to disinherit someone, but needs to be done exceptionally carefully, and you should seek legal advice if wanting to go down that path.

You are then free to distribute your estate as you see fit, although there are ways of reducing the Inheritance Tax element by (as of Oct 2018) leaving a bequest to charity.

While people also opt to divide up their estate to their friends and family, with “what’s left over” going to charity, it can be more beneficial to your dependants to plan the charity giving more carefully as you can then take advantage of the tax benefits.

You are also then free to give gifts to individuals or people jointly.

For a free Will writing service, visit our partners at Bequeathed.

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