Wills

Contrary to popular belief, if you die without making a Will, your spouse or civil partner may not receive all of your estate.

Depending on how you co-own any assets with your spouse or civil partner and the other persons who are members of your family, your spouse or civil partner may only receive an amount equivalent to £250,000 of your estate and an interest in one half of the balance.

If you die leaving a spouse or civil partner and no children but one or both of your parents are still alive, your spouse may receive part of your estate with your parents.  This outcome may not be what you would wish to happen.

The position is particularly complex if for example you or your spouse or civil partner are in a second relationship and have children from a former relationship.

When children are involved it is essential that you ensure that you have protected their interests.  If you do not leave a Will but do leave children from a former relationship, the rules could have the effect of distributing your estate to your spouse or civil partner and not leave anything to your own children.  This might occur for example if you jointly own your assets with your new spouse or civil partner and/or your estate does not otherwise exceed £250,000.

It is essential that you consider what you would like to happen were you to die and ensure that your Will is properly written to protect the interests of both your children and your spouse or civil partner on your death.

Who would receive your estate if you do not leave a Will?

There are other very good reasons for having a professionally drawn-up Will.

• To ensure that a guardian is appointed for any children you may leave on your death to pass on responsibility for bringing them up.
• You should consider carefully whom you would like to appoint to administer your estate following your death and such persons may not be those who would be appointed by the Court in the event of you dying without a Will.
• You may wish to restrict as and when individuals become entitled to receive your estate and indeed preserve your estate so that your estate passes on to a second recipient after the death of the first recipient.  For example, you may wish to leave a new spouse only with an interest in the income produced from your estate after your death to ensure that on your spouse's death your estate is left intact for your own children.
• To mitigate any charge to inheritance tax on your death.

Record keeping of gifts out of capital and income is essential for future dealings with the Revenue.  We can assist you in this process and advise on the detailed information that should be kept.

Telephone us on 01484 538121