Not always.

Even where assets pass to a spouse, a properly written Will can still be extremely important for:

• protecting children

• inheritance tax planning

• future relationships

• asset protection

• long-term family planning

You can — but poorly drafted Wills often create serious problems later.

Many families only discover mistakes after somebody has passed away, when it is already too late to correct them.

A professionally prepared Will helps reduce:

• legal disputes

• confusion

• delays

• unnecessary costs

You should review your Will whenever major life changes happen, including:

• marriage

• divorce

• children

• property purchases

• business changes

• inheritance

• changes in relationships

As a general rule, reviewing your Will every few years is sensible.

A Lasting Power of Attorney (LPA) allows somebody you trust to make decisions on your behalf if you become unable to manage your affairs in the future.

Without an LPA, your family may need to apply through the Court of Protection before they can legally help manage your finances or make important decisions.

This process can be:

• expensive

• stressful

• slow

• emotionally difficult

Possibly.

Rising property prices, pensions, savings, and investments mean more families are now affected by Inheritance Tax than ever before.

Inheritance Tax is usually charged at:

40%

above the available thresholds.

Proper planning can often help reduce or avoid unnecessary tax liabilities.