Writing a will should be done 'in good health'
by Daniel Jones
Making a will
should preferably be considered while a person is still mentally sound, one expert has suggested.
Toby Harris, The Society of Trust and Estate Practitioners (STEP) tutor for the STEP Certificate in Will Preparation, explained that this is the first question people should ask themselves.
Once an individual has established that they are mentally able to write a will
, then they can start thinking about the specifics of how they are going to go about it.
"They should then think 'what have I got?' That means what do I own? What about insurance? Will I inherit from an uncle or aunt? Are my parents still alive?" Mr Harris explained.
People also need to consider whether or not their loved ones will be expected to pay inheritance tax on any money they receive, as this can allow them to plan more effectively.
This may encourage them to give gifts while they are still alive to avoid the tax liability, Mr Harris added.
Published on: August 30, 2011
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