WILLS

If a person dies without making a Will, his assets will be divided according to set legal rules amongst certain categories of relatives whilst others whom he may have wished to benefit, such as an unmarried partner, may receive nothing. In cases where there are no qualifying relatives all his assets may be claimed by the government. There are many other reasons for ensuring that you have a Will including the following:

• Choosing who will administer your estate when the time comes
• Showing your appreciation to close relatives and friends
• Distributing your estate in a tax efficient manner
• Saving trouble, delay and expense
• Avoiding unnecessary arguments within the family
• Providing you with peace of mind
• Appointing a Guardian for your children (they could otherwise become the responsibility of Social Services)
• Making financial provision for your childrens’ upkeep and education
• Preventing your spouse’s family inheriting your estate if you both die within a short space of time

Wills can even be used to reduce the Inheritance Tax burden on your family, for instance, by incorporating a Discretionary Trust in respect of the Nil Rate Band. Further details can be obtained by speaking to one of our Private Client Solicitors who would be happy to explain how this type of Will may benefit you.

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