Wills

DECIDING THE FUTURE OF YOUR PROPERTY

Many husbands and wives assume quite wrongly that, when there is no Will, the surviving partner inherits everything with no complications. Only if the estate is very small is this true and even then there can be the necessary procedures of probate. Jointly owned property will often pass automatically to the surviving spouse irrespective of any Will, depending on the manner of joint ownership.

The rules for distribution of an estate on Intestacy, that is to say without a Will, can be very complicated and lead to grief and stress amongst members of a family.

A Will is the means for providing for legacies for specific people or charities and for providing for loved ones and dependants. Unless this is made clear by a Will there is the danger that your wishes will not be carried out or that claims may be made against your estate.

Even if you have no family there is every reason for ensuring that you, and not the Government, decide the future of your property.

You may think you have nothing to leave but do not forget your house, insurance policies and pension benefits.

TAXATION

Inheritance Tax is charged on the value of the property in your estate passing on death subject to a threshold figure which is normally revised annually by the government in the budget. In addition to the threshold exemption, property left to a spouse or to charities are exempt. There are also significant exemptions for business and agricultural property. There is much that can be done to alleviate the Inheritance Tax bill in planning through, or in conjunction with, Wills.

UNDER AGE CHILDREN-GUARDIANS

Clearly there is a need to provide for the support and education of young children over a period of many years. In the dire circumstances of a husband and wife both dying, it is vital that guardians have been appointed in a Will and provision made for the children until they reach maturity.

RE-MARRIAGE TRAP

There is a rule that marriage automatically revokes an existing Will; divorce may also affect an existing Will. If one spouse dies and the survivor remarries, or if there is a divorce followed by re-marriage, there is the real prospect of children of the first marriage being cut out of the inheritance unless there is a Will. This aspect needs to be considered by both first marriage partners and even more so by those who have re-married.

GIFTS TO CHARITY

These are exempt from Inheritance Tax. Most people may wish to leave the bulk if not all of their property to relatives and friends but making a Will gives the opportunity to consider the possibility of a charitable request.

UPDATING AN EXISTING WILL

If you should have an existing Will you should keep it under review. Revision may be called for due to such things as changes in the composition of your property, changes in beneficiaries and changes in the tax regime. Wills can be easily changed either by a new Will or a codicil.

DANGER OF HOME-MADE WILLS

Many home-made Wills are not properly expressed to carry out a person’s true intentions, or may not be properly executed.

It is better for your own peace of mind to come to a solicitor. You may be pleasantly surprised at our charges – why not ask?

Our fee for a straightforward will is £100 plus VAT or £125 plus VAT for mirror Wills for a couple. Estimates will be provided for more complex Wills.