Money Matters

MONEY

MATTERS.

As part of our Regular Feature on MONEY MATTERS we discuss 4 reasons why you need a will, and our local experts offer their services and advice.

It’s easy to make a will – and it will save your family unnecessary distress at an already difficult time. Don’t delay!

1A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful.

2If you don’t write a will, everything you own will be shared out in a standard way defined by the law – which isn’t always the way you might want.

3A will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.

4Writing a will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.

How to start making a will

If your family is small and you want to leave everything to them, making your will is fairly straightforward.

If your situation is more complicated – for example, if you have a second family or you want to leave money and gifts to lots of people – you’ll need to plan more carefully.

Either way, don’t put it off – make sure that what you leave behind will go to the people you intended.

Contact our Wokingham local experts, Clifton Ingram Solicitors and Soteria Planning for further advice and information.

Inheritance Tax - Clifton Ingram Solicitors

Inheritance Tax (IHT) is currently chargeable if your estate’s value exceeds the IHT nil rate band of £325,000, however effective tax planning can substantially reduce the amount of tax payable, leaving more of your estate for your loved ones rather than HM Revenue & Customs. For individuals who own their own homes there is an additional £175,000 ‘main residence’ property allowance (“Additional Residence Nil Rate Band”). This is transferrable between spouses so that a couple who own their own home now have a maximum potential IHT allowance of £1,000,000 made up of the standard £325,000 (the current nil-rate band will remain frozen until April 2021), plus the new £175,000 for the main residence, meaning a total of £500,000 per person. This allowance is offset against your estate which includes the money you have in the bank, investments and any property or business you own, and after debts are deducted. The Additional Residence Nil Rate Band is only available if you leave your home to direct lineal descendants so does not help those without children, nor those who use trusts in their wills.

It is worth discussing what your IHT liability will be with one of our highly experienced Wills & Inheritance team and how best to plan your estate.

Making a will is the best way to ensure your assets are distributed to who you wish to leave them to when you die. We offer a free consultation to all new clients, to help them understand their needs. During that meeting, the client will fully understand the costs involved before any work commences. Our services include, Will Writing, Trusts, Lasting Power of Attorney, Probate and Pre Paid Funeral Plans. Not having a valid will in place, can lead to numerous challenges for your loved ones you leave behind. When deciding on a company to create your will, you need to ensure you are receiving a professional service. We operate under a self-regulatory regime through the Society of Will Writers. We ensure our high standards are kept all the time, as well as holding professional indemnity insurance so that our services can be used with confidence.

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PROGRAMMES IN WOKINGHAM Session Venue Day Time Cost

Loddon Valley Mini Ballers

Loddon Valley Leisure Centre, Tuesdays 4-5pm £30 for a 6-week Term (Ages 4 10) Rushey Way Loddon Valley Mighty Ballers Loddon Valley Leisure Centre, Tuesdays 5-6pm £30 for a 6-week Term (Ages 11-12) Rushey Way Ryeish Green satellite Under 14’s Ryeish Green Sports Hub, Mondays 6-7pm £30 for a 6-week Term (School Years 8 and 9) Hyde End Road Ryeish Green Satellite Under 16’s Ryeish Green Sports Hub, Mondays 7-8pm £30 for a 6-week Term (School Years 10 and 11) Hyde End Road

Contact: Head of Community and Wellness Programmes: steph.johnson@readingrockets.co.uk General Enquiries: info@readingrockets.co.uk Basketball Hotline: 0118 926 3040 @ReadingRocketsBasketball rocketsreading @rocketsreading www.readingrockets.co.uk

SATURDAY MORNINGS - 9AM Woodley United Football Club Girl’s Sessions

It is an exciting time for women’s football with Great Britain participating in the Tokyo Olympics during the summer of 2021 and the UEFA Women’s European Championship being held in England in 2022. With interest and participation in football increasing Woodley United FC, an FA Charter Standard Community club, welcomes girls aged 5 – 9 years old to their Saturday morning girls only sessions for a fun packed hour at Woodford Park Leisure Centre, Woodley which commence at 9am. The sessions are overseen by members of the club’s ladies’ team.

Whether girls are looking to play football for the first time, have football experience or looking to make new friends, visit www.woodleyunitedfc.co.uk or email info@woodleyunitedfc.co.uk for more information.