The Wealth Check includes general advice on the following issues:
Assets you can’t gift – there are certain assets you may own, that can’t pass to your beneficiaries by your Will – regardless of what your Wills says. We will tell you about this if it applies to you, and we’ll tell you what you can do about it.
Mutual Wills – if you and your partner have agreed your Wills together, what happens if one of you dies unexpectedly early? Is the other free to change their Will as they see fit? (perhaps leaving everything to other beneficiaries?) We’ll explain your options.
Trusts – it’s likely that you’ll know who you’d like to leave everything to – but making “outright” gifts isn’t the only way – and sometimes just isn’t wise at all. You have more control over your assets after you’ve gone than you might think. We’ll explain the possibilities.
Claims – there are certain people who may have the right to claim a share of your assets – even if you don’t include them in your Will. This can be very costly, in many ways. If it looks as though this could apply to you, we’ll suggest appropriate ways forward
Inheritance Tax – If your total assets are worth more than £325,000 when you die, you may have to pay inheritance tax – at the rate of 40% of the balance. We’ll tell you if this likely to apply to you, and if you wish, we’ll provide you with fully costed solutions
Foreign aspects – if you have assets in more than one country, or if you’re not domiciled in England or Wales, some unexpected and difficult issues can arise – but we’ll bring these to your attention; and we’ll suggest various advice you might like us to provide you with.