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Taking out a mortgage? Reasons why you should also consider drawing up a Will.
If you are living in the Darlington area and are thinking of taking out a mortgage, then please read on and find out why you might also want to consider drawing up a Will.
Whether you are moving into a new home or buying your first house you are embarking on an exciting stage of your life. It is the start of something new - a new beginning. You may be asking why you would be thinking about what happens when you die? What many people do not realise is that mortgages and Wills go hand in hand.
The word 'mortgage' comes from Old French - 'mort' meaning dead and 'gage' meaning pledge. Therefore if you are going to take out a 'dead pledge' then you might as well think about what happens when you are no longer there to fulfil the pledge.
There are lots of good reasons for getting a Will. Buying something of value is one of them.
Benefits of a Will:
- you can say what happens to the property and your personal belongings
- you have control over who receives your money
- you ensure your children will be cared for
- if you are unmarried property owners, a Will is the only way to ensure that you inherit from one another
Finally, Inheritance Tax (IHT) now affects millions of people - and not just the super-rich. The Government collects billions of pounds each year in Inheritance Tax. Assets in excess of £285,000 could be liable to IHT. Rising house prices and increased personal wealth mean that many of us now have assets in excess of the modest threshold.
A Will can be used as a means of Inheritance Tax Planning especially for a husband and wife. With clever financial planning and an effective Will your Inheritance Tax liability can be legally reduced or even avoided altogether.
For further information contact Iain Robson at iain.robson@close-thornton.co.uk or call him on 01325 466461
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