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FAMILY


THE IMPORTANCE OF Making a will


By Sarah Banner


Sarah Banner is a solicitor specialising in wills and wealth protection with Access Legal. Everyone over the age of 18 should make a will. That’s especially true if you’re serving in the Armed Forces, particularly if you are posted or serve overseas. There are a number of myths and misconceptions around inheritance and wills which mean some people think making a will isn’t a priority for them


It’s too complicated and expensive An experienced solicitor can produce a will for as little as £200.00*. Most provide step-by-step guidance and many don’t even require a face- to-face meeting. Everything can be done by completing a questionnaire online, by email, in the post or over the telephone if you don't like form filling. Using a solicitor also allows you to do other things to protect you and your family like putting in place a Lasting Power of Attorney. All these issues can be dealt with at the same time as making your will.


The family already know what I want. They get a share automatically, don’t they?


If you die without making a will the rules of intestacy apply. That means those you wanted to provide for, even if you’ve discussed things, may be cut out and disappointed. Many people mistakenly believe that their partner and children will be taken care of. No matter how long they’ve been sharing


www.raf-ff.org.uk


your life, under the rules of intestacy your ‘common law’ partner would get nothing. If there are no surviving relatives, without a will everything goes to the government and in certain cases even your spouse will not receive your entire estate.


I’m not worth enough to justify making a will


Increasing property prices, pensions, insurance polices and other investments mean it’s likely we are all worth considerably more than we imagined ourselves to be. Making a will is a sensible move, no matter how little you think your estate is worth. However, a will is not just about money. It ensures your wishes are carried out. You can choose people you trust to be guardians for young children and executors to handle your affairs. A clearly written will also ensures there are no family arguments about inheritance, organ donation, charity gifts and the like when you are gone.


What’s the point – it’ll all be taxed anyway?


If you know your estate is worth a considerable amount, then it’s essential to make a will. Not least because there is an exemption from Inheritance Tax (IHT) which means that if you, as member or former member of the Armed Forces, die as a result of injuries or disease sustained on active service (even many years after active service and well into retirement) your whole estate is exempt from the payment of IHT. That would normally be levied at a rate of 40%, but the IHT exemption must be applied for by those dealing with your estate – it won’t be volunteered by the Revenue.


Web: www.access-legal.co.uk Tel: 03700 86 86 86.


*If you need to write a simple will at short notice, advice and an MOD Form 106 Will Form can be obtained from your admin staff or Chief Clerk.


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