While many founders and business owners will implement succession plans to sell or pass their business to a new generation of owners, sometimes it is clear that you have reached the end of the road and the best decision is to call it a day and close the...
Yes, it is even more essential to have a Will if you are buying a property or already own one. Though, in an ideal world, every adult should have a Will.
Why You Should Make a Will If You Own Property
Once you own a property or a number of properties, you have an asset(s) that are likely to increase in value. If you would like your property asset(s) to pass to your immediate family on your death, you need to have a Will in place to guarantee that this will happen.
If you own a property jointly, this is sometimes held under a legal arrangement known as a ‘tenancy in common’. Should one of the joint property owners die, his or her share in the property will not automatically pass to the surviving owner. If you each want your share to pass to the other on your death, it is essential that you both have Wills which reflect these wishes.
Having a Will as a homeowner can also help reduce the amount of Inheritance Tax that might be payable on the property you leave behind. The value of your home can increase the value of your estate to over the threshold for inheritance tax (currently £325,000).
Making a Will allows you to decide what happens to your assets as well as providing an effective means of planning for inheritance tax.