SIA member benefit – will writing scheme

Free will writing

SIA’s free Will Writing scheme for SIA members and their partners is supported by the solicitors in this list. 

The participating solicitors offer the writing of a simple Will.  If your circumstances are more complex the solicitor will advise you, as a fee may be chargeable.  SIA does not impose any restrictions on what constitutes a ‘simple’ Will, as this is at the discretion of the advising solicitor.

Not a member?
Why not join today?  Just email our Supporter Care Team, [email protected] or ring our Membership Hotline on 01908 208541.

 

Read three good reasons to review your Will, or get one written:

You are married! You can double the tax free threshold of your spouse.

Currently Inheritance Tax is 40% on estates over the basic tax free allowance of £325,000.  Married couples and civil partners are entitled to pass any unused allowance to each other after a death. This would give your spouse a tax-free threshold of £650,000, but only if you claim the allowance after the second party has died

You have children, step children and grandchildren!  New rules may apply to you.

From 6th April 2017 a new residence nil-rate band (RNRB) was introduced.  In addition to the existing threshold (currently £325,000), before Inheritance Tax applies, if the individual and estate meet qualifying conditions, the possible allowance rises to £425,000 in 2017-18.  It will progressively increase by £25,000 each year to reach £500,000 in 2020-21.

The additional RNRB applies to an estate where a person dies on or after 6 April 2017 and leaves his/her home, or a share of it, to direct descendants, such as children, step-children or grandchildren.

Not every estate will be able to claim it, so it is worth finding out whether it will apply to you.

Read more about the new Inheritance Tax rule here in an article from Anthony Nixon, Partner and legal expert at Irwin Mitchell

You are including charitable gifts in your Will! You can maximise the share your loved ones get.

From 6 April 2012, it became possible to reduce the rate of inheritance tax from 40% to just 36% if you leave 10% of the net value of your estate to charity, which may benefit your loved ones with a greater share. All gifts to charity are tax exempt.