Financially and economically, things are pretty turbulent and many of us are watching our spending and things like Will writing don’t seem high on the list of priorities but in this short article we’re going to share why writing a Will, now more than ever is important.

If you don’t have a Will, when you die your estate will be distributed according to the rules of intestacy. This could mean that your estate is not distributed in the way that you would have wanted and it could also cause additional stress and anxiety for your loved ones at an already difficult time.

What does writing a Will do?

Writing a Will ensures that your estate is distributed in accordance with your wishes and can help to avoid any unnecessary disputes. It also means that if you have young children, you can appoint guardians to care for them should anything happen to you.

If you already have a Will, it’s important to keep it up-to-date as your circumstances are likely to have changed since you last reviewed it. For example, you may have married, had children or bought a property since you last updated your Will.

Rising costs – living during a cost of living crisis

What impact could the cost of living crisis have on writing a Will? As a Kent based Will writing firm, we see all manner of clients from those who realistically won’t feel the pinch over the next 18 months (the average time a recession lasts), to those who need to watch every penny spent. In either case, their aims and objectives remain relatively similar when it comes to estate planning. They want to protect what they have. They want to provide for those around them. They often want to look after local causes that mean something to them. All of this, but in a manner that’s affordable and gives them control through their Will.

Why choose SLS Wills and More?

Our founder – Sara Sheppard FSWW TEP has been involved in estate planning for over 35 years and has worked for various solicitors firms across Kent. It’s unlikely you’ll find a practitioner as experienced or knowledgeable but just as importantly, in setting up her own business (SLS Wills and More) she wanted control over the client experience and has been building a reputation as the go-to will writing firm in Kent.

In addition to all of this experience, you’ll be selecting a firm who are members of the Society of Will Writers, who have a STEP qualified drafter and who hold professional indemnity insurance.

Death duties or inheritance tax – mitigation

One of the main motivations for people considering estate planning in Kent is that they want to mitigate tax. This isn’t tax avoidance, but instead it’s about having an understanding of the tax an estate might be liable for and then, with careful planning it’s about making sure that an estate has provision in place for such taxes.

Death duties or death tax (another name for Inheritance Tax) is an increasingly more common tax we’re seeing estates having to pay in Kent and this is payable when an estate is valued over £325,000 for a single person or £650,000 for a couple. Of course, there is more to it and professional advice is crucial because of various other considerations like the Residential Nil Rate Band but with rising property values, tax planning is important.

Creating a legacy

When it comes to it, and we’ve seen this recently with the loss of our Queen, and important aspect to our passing is the legacy we leave behind. None of us want to be known for having left a mess behind or for causing tax issues so this makes writing a Will incredibly important.

It’s not just about the financial legacy you leave behind but also the sentimental. We often have items that we wish to go to certain friends or relatives and by writing a Will, you can ensure that your wishes are carried out. If you don’t write a Will, then these decisions will be left to others who might not necessarily make the same choices that you would have.

When should I review my Will?

As a rule of thumb, you should review your Will every three to five years or after any major life event, such as getting married, having children or buying a property. This will ensure that your Will always reflects your wishes.

If you don’t have a Will, or if it’s out of date, then please get in touch. We offer a free initial consultation to all clients and would be more than happy to discuss your Will writing needs further.

Kent Will Writers – SLS Wills and More

We are based in East Kent but cover the whole of Kent including Maidstone, Sevenoaks, Tunbridge Wells, Ashford and Canterbury. We offer a free initial consultation to all clients and would be more than happy to discuss your Will writing needs further. We also have clients across England and Wales and can conduct estate planning appointments over the phone, by video link or face-to-face.

You can contact us on 01304 577998 or info@slswillsandmore.co.uk.

We look forward to hearing from you soon.