Your Will lets you decide what happens to your money, property and possessions after you die and could reduce the time and the cost needed to deal with your estate.
These extraordinary times have prompted some of our clients to take another look at their Wills and estate planning. Getting your affairs in order and planning for the future can provide your family and friends with a clear path forward, no matter what lies ahead.
By talking to us we can review how the finances in your Will may be affected by inheritance tax and how to be as tax efficient as possible to mitigate unnecessary charges.
It is also commonly presumed that a Will is not required because everything will go to a spouse, but this is not always the case. For example, in England the laws of intestacy do, in the first instance, benefit a spouse; however, this is only up to an amount of £270,000. The remainder of the estate is divided in half between the spouse and any children of the deceased.
Many couples also believe that if they have lived together for several years this automatically creates a ‘common law marriage.’ This concept is not legally recognised under English law and your partner is not protected in these circumstances.
With many of us delaying marriage or deciding not to marry at all, it is extremely important to make a Will to benefit your partner. Unmarried partners do not receive anything under the intestacy rules. If you do not have a Will, in the absence of a surviving spouse or children, your estate would be divided between other family members.