Financial Updates July 2016 - Wills and intestacy
A will not only ensures that your estate is distributed according to your wishes but can also be used to reduce your liability to inheritance tax (IHT).
Despite the importance of estate planning many people haven’t made a will. A 2015 survey by YouGov found that 62% of British adults do not have a will.
Similarly, Citizens Advice has reported a sharp increase in the number of enquiries about intestacy. Last year the charity received 3,747 queries about dying without a will, compared to 1,522 in 2011.
A valid and up-to-date will gives you peace of mind that your estate will go to who you intend. It can also save your loved ones stress and help ensure that you don’t pay more IHT than you need to