Your Will can be a powerful planning tool enabling you do do things like: protect your family by providing for their needs; Minimise taxes which might apply to your estate; name an executor with personal knowledge or expertise to deal with your affairs; name a trusted guardian for your children; provide for the special needs of specific members of your family; establish trusts to manage the deferral of the inheritance of any beneficiaries.

Most importantly remember the basics - a Will is your chance to see that things go the way you intend. That means you should revisit your Will periodically (we would suggest it is reviewed every 5 years). Remember also that the flow of funds should also follow the intentions - that means not only giving money to those you wish but also making sure that funds are given where actually needed in order to carry out your wishes. It is no good entrusting the welfare of your child to someone who, whilst very loving, does not have the finances required to carry out your wishes.

Did you know that the terms of your Will can be changed within two years after your death? It require the agreement of all beneficiaries and is called a Deed of Variation

If your children are grown up and financially secure then leaving then your assets will add to their estate and to any IHT which may be charged on their deaths. Consider leaving something to your grandchildren.

Although not directly relating to your Will, make the most of the IHT exemptions such as the annual gift exemption, the normal gifts out of income exemption, gifts in consideration of marriage, the exemption for gifts you make of up to £250 per person per annum (to any number or persons) and of course the exemption for gifts to spouses.

If you are so minded, note that from 5/4/12 onwards, the IHT rate on estates is reduced from 40% to 36% if at least 10% of your assets are given to charity. Care needs to be taken to make sure the 10% calculation is correctly identified and in particular it would be unwise to try to achieve this by specifying a monetary amount since the value of your overall estate will not be a certainty (consider property values and the effect they could have) and the “right” wording should be used following professional advice.

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Some tips for your Will