Most of us agree that preparing a Will is a sensible and necessary step. However, not everybody gets around to acting on this knowledge and creating a Will before they die. This compounds the situation for your loved ones by leaving them to deal with both grief and a legal process that is both time consuming and expensive.
If you die without a Will, then the government will by applying the law of intestacy effectively write it for you using a generic set of rules that apply to everybody. Almost certainly the consequences of this process will not reflect the choices you would have made yourself.
Have you got a Will? When did you last consider what it said?
Creating a Will need not be difficult, time consuming or overly expensive. But it should be written with the care and attention befitting a document that will distribute your worldly goods after your death.
That’s where we can help. Most people’s starting point is that they want a simple will where everything is left to their partner and thereafter their children. In reality, there is no such thing as a simple Will.
For example, what if your partner remarries and he/she has a will leaving everything to his/her new partner? Your intention might be that your children eventually inherit, say, the family home, but in this example it would go to your spouse’s new partner and he/she could leave it to whomever they wish on their death. We can create a Protective Property provision in your will which maps out a solution where your children eventually inherit your part of the family home.
Inheritance Tax planning may be a consideration. For example, all of us have an allowance of £325,000 before any inheritance tax is due. If you are married or in a civil partnership, then these allowances are combined. However for unmarried partners this allowance dies with them leaving the surviving partners with only their allowance. An Inheritance Tax Will can protect the first person’s allowance in full.