Do I really need a Will?
If you do not have a Will in place, regardless of your age, we strongly recommend
that you contact a member of our team as soon as possible to
discuss having one prepared. Making a Will saves on costs for your Estate
and makes your Executor’s life a lot easier! If you do have a Will, research
suggests that 60% of Wills are out of date so we always encourage clients
to review their Wills. In particular it is essential that people who have children,
subsequent to making their Wills, and separated couples who are married
or in civil partnerships, take advice on whether or not their Wills are still valid,
or should be updated.
Should I be worried about Inheritance Tax?
On 6th April 2017, an additional allowance covering the value of your main
home, the Residential Nil Rate Band, was introduced. Combined with a normal
nil-rate band, by 2020, an individual will be able to leave up to £500,000
to benefi ciaries without their Estate being subject to Inheritance Tax. The
rules surrounding the Residential Nil Rate Band are less than straightforward
and it is not available to everyone. Contact a member of our team to discuss
how to utilise the new Residential Nil Rate Band.
Do I need a Power of Attorney if I have a Will?
So, you’re super prepared and have an up-to-date Will in place, appointing Executors to administer
your Estate – that’s great, BUT your Will only takes effect on your death. If you were to fall ill or become
incapacitated during your lifetime, you may need someone to assist you with your fi nances and possibly
even look after your welfare. You can prepare for this possibility by having a Power of Attorney put
in place which appoints someone to deal with these matters on your behalf, should that be necessary.
This can spare your family a lot of distress. The alternative is for a family member to obtain a Guardianship
Order through a lengthy, complicated, and sometimes costly court process.
Be Proactive and Be Prepared!
If you require assistance with making or updating your Will, arranging a Power of Attorney or would
just like to chat about your affairs, we would be pleased to be of assistance. Please do not delay in
contacting a member of our team, who will guide you through the process step by step. Telephone our
offi ces in Oban and Tiree on 01631 562308 or our Fort William offi ce on 01397 701000.
MacPhee & Partners is a trading name of MacPhee & Partners LLP a Limited Liability Partnership registered in
Scotland (SO305286) and having its Registered Offi ce at Airds House, An Aird, Fort William, PH33 6BL