5 things you didn’t know about wills
Wills can seem like a complicated part of life, but they are necessary to protect your loved ones. That’s why we have put together 5 things you didn't know about wills to help you understand some myths that people believe.
1. You do not always have to be 18 years of age before you can make a will
Yes, in most situations you do need to be 18 years or older to make a will, however, if you’re a soldier or a sailor on active duty you can make a will at any age.
2. Unfortunately, you can’t leave your assets to your pet.
We all love and adore our pets however pets cannot own property or money which means you can’t leave anything to them. However, there are other ways you can protect them by ensuring they are looked after once you’ve passed away.
3. Debts do not die with you
If you have any debts that are outstanding when you pass away will need to be paid from your asset funds. After these debts are paid the rest of your assets will be given to those you have stated in your will.
4. Gifts to charity
If you are gifting some of your money to a charity in your will then this will not be affected by inheritance tax. Not only this, giving to charity reduces the amount of inheritance tax on the rest of your estate.
5. I don’t need a will, everything will go to my partner
This is a common mistake many people make. If you pass away without a valid will it does not mean your partner will inert your estate. If you have children and pass away without a will in place your partner will only inherit £250,000 of your assets and the rest will go to your children.
If you’re thinking about writing or updating your will, get in touch with the team at Twin Pines today.