Wills

Surprisingly some people believe that by arranging a Will they will somehow hasten their death. There is no scientific evidence to back these beliefs. However there is plenty of evidence that not arranging a Will could mean the deceased person's assets are passed to the 'wrong' people. Alternatively and in addition the value of their estates could become subject to unnecessary Inheritance Tax.

Those people that die without having drafted a valid Will are considered to have died 'intestate'. In this situation the law lays down a standard set of rules for the distribution of their assets.

It is worth pointing out that dealing with the estate of a person who has died intestate can be very complicated. This is particularly true when the person has children, even grown up ones.

A Will can be prepared in a matter of hours with average costs starting at around £100. The potential savings from this initial outlay could be significant, as administration costs when dealing with your estate would be reduced and also Inheritance Tax planning schemes/arrangements can be put into place. You are strongly advised to consider drafting a Will. Should you need assistance please contact us and we can help you further.

It is important to make a will because:-

if you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed. 

Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner

If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die.  It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made.