Your children may be grown up and financially secure. If your assets pass to them, you will be adding to their estate, and to the IHT which will be charged on their deaths. Instead, you might consider leaving something to your grandchildren, or reducing your taxable estate by helping them out during their education.
A Will is a powerful planning tool
Through a properly drawn Will you can:
- Protect your family by making provisions to meet their present and future financial needs
- Minimise taxes that might reduce the size of your estate
- Name an experienced executor* who will ensure that your wishes are carried out
- Name a trusted guardian for your children
- Provide for any special needs of specific family members
- Include gifts to charity
- Establish trusts to manage the deferral of the inheritance of any beneficiaries
- Secure the peace of mind of knowing that your family and other heirs will receive according to your express wishes
Having a Will also means that there is an opportunity for re-writing in the two years after your death, in the event that some changes are agreed by all concerned to be appropriate.
* Before choosing someone as your executor, give serious consideration as to how well he or she will be able to handle the duties and responsibilities of the role, and indeed whether or not they will be willing to accept the role. You should consider having a second choice for executor.