The first stage of planning your inheritance, is a Will that it documents how you wish your assets to be distributed after you pass. This should also consider inheritance tax benefits and will ultimately reduce the stress of dealing with your legal affairs for your family.

Your last Will and Testament is a legal document which details how you wish your assets to be shared once you have passed away. There are various types of Wills, such as Single, Joint, and Mirrored and it is important you not only write a Will but get advice on the most suitable Will for your own circumstances.

A correctly prepared Will may also reduce any inheritance tax liabilities you may have leaving more of what you have worked for behind for your chosen beneficiaries.

Currently estates over £5000 require probate and the absence of a Will can cause delays, unnecessary legal costs, stress and possibly an incorrect distribution of your assets.

If you have family who are financially dependent, such as a spouse and children a Will is particularly important. If you are unmarried and in a civil or common law relationship without a Will current law makes no provision for your partner and can see people you would wish to leave assets left with nothing automatically.

Traditionally people have chosen to write Joint or Mirrored Wills which dictates that after the first passing the total value of the assets transfer to the surviving partner and then eventually to their children and loved ones.

While these wills do have their benefits they can also lead to financial loss. It is important to seek advice to ensure the correct style of will for you is written..