52% of British adults do not have a will in place, despite 72% planning to leave assets to loved ones upon their death*.
Furthermore around 20% of those wills that are in place have been written without the help of a professional advisor leaving them open to scrutiny and dispute.
These figures become more prevalent following the Autumn Statement from Chancellor, Jeremy Hunt. The extension of the Inheritance Tax Allowance freeze to April 2028 means that by 2028 tax-free allowance on inheritances of up to £325,000 will have remained unchanged for almost two decades. Price rises over the years for property and other assets mean that people are now paying much higher taxes on their inheritance than in past years.
These changes taken together with a further two-year delay in introducing social care charging reforms means that private individuals will need to take extra care in planning to provide for their families on death and also in lifetime.
Considering how much people spend on securing, insuring and investing to build up assets – avoiding documentation to set out how those assets should be distributed on death makes no sense. Failing to plan, or not seeking the right advice can increase the risk that things go wrong at the worst possible times.
At Grey-Smith Legal we will take you through a detailed questionnaire which covers all important areas and is designed to avoid challenges to your estate. We can store your original will for you and provide you with copies, a free service that ensures that the original document is not misplaced or lost.
We can also arrange to see you or your relative at our office, at home, at hospital, or at a care home or hospice – whichever is most suitable for you.
Grey-Smith Legal is part of The SDDE Smith Group, a portfolio of businesses based in the North East, striving to push boundaries and support local communities to create better places to live, work and stay.
Speak to us today and protect yourself and your estate, get in touch with the Grey-Smith Legal team on firstname.lastname@example.org or by calling 01287 653990.
* Survey completed by Tower Street Finance.