Wills
Nobody likes to think about dying, which is why so many people prefer not to think about making a Will. However, there are a number of important reasons why it is better to have a Will, rather than leave the distribution of your estate to the Intestacy Rules.
With a Will, you can:
- choose who you want to act as Executors;
- appoint Guardians for your children;
- leave your estate in a tax-efficient manner;
- save around £120,000 inheritance tax by making sure you use your inheritance tax allowance;
- make gifts to non-family members and Charities; and
- leave your estate in Trust to enable a person to have access to income but prevent them from having unlimited access to the capital. This can be particularly useful in the event of second marriages where there are likely to be competing interests between the surviving spouse and step-children.
The Intestacy Rules make no provision for unmarried couples; if you are unmarried and you want your assets to go to anyone other than close family you will need to have a Will.
If you own property in more than one jurisdiction, or live abroad, this can give rise to additional complications because you need to make sure that your Will complies with the laws of more than one jurisdiction. For example, if you live in the UK but own a house in France, the house will pass in accordance with French law under which your children will be entitled to receive a fixed share. If you try to leave your French property to your surviving spouse under your English Will, your children may have a claim against your estate. We can advise you on the implications of different succession laws and procedures in other jurisdictions (if necessary alongside local advisers).
Key contact: Jamie Atwell