A shocking 67% of Londoners admit to not having made a Will despite facing some of the biggest inheritance tax liabilities in the UK.
Property prices in London might be an eye-watering 158% above the national average, but this isn’t enough to make us put down the jackfruit burgers and turmeric lattes long enough contact our local Will Writer.
Just 33% of us have made a Will, leaving a huge number of families and individuals exposed to large inheritance tax bills and the financial hardship caused by the UK’s lengthy and complicated intestacy process.
The problem shows no sign of going away.
Even with the rest of the country voting to leave the EU, in a dastardly ploy to damage London house prices, sold prices in London were 3% up on the previous year and 15% up on 2015*.
This means that today a single person dying without the right inheritance planning in place, can expect to give HMRC around £120,000 in tax.
That’s based on an estate of £628,000 which is the average price of a property in London. If you have a more expensive house and other valuable assets you can expect to pay even more.
Does making a Will minimise Inheritance Tax?
A professionally prepared Will is not designed to reduce a person’s IHT liability. However, through consultation with your Will Writer you can act to minimise the cost to your family with sensible planning.
It’s also a great opportunity to make sure your family don’t have to go through UK intestacy courts, which is what happens if you die without a Will.
Dying intestate (without a Will) can prevent your family from accessing funds from your estate for many months, and sometimes even years. It’s a common problem in London and one we unfortunately see all the time.
Don’t be one of the ones to get caught out; make a Will now
We know that living in one of the busiest and most diverting cities on Earth is pretty distracting. But as you can see, getting caught without a Will can be a real hardship for your family. We’ve seen some families in this situation have to leave London altogether.
So, don’t leave your family out in the cold. Speak to us today and get your inheritance matters sorted. It only takes a phone call or email.
Image Credit: Jorge Franganillo (Creative Commons)