Wills
Where There's A Will There's A Way!
As well as ensuring that your Inheritance Planning is tax efficient, a Will can ensure that your estate, money, property and possessions, are dispersed according to your wishes.
Consideration of the following should be given when evaluating Wills:
- Married couples and those in Civil Partnerships will not necessarily inherit the full value of their partners estate, especially if you have children. Current legislation means that the first £270,000 of the estate will pass to the surviving spouse and the remainder split with 50% to the surviving spouse and 50% to the children.
- Unmarried couples will rarely inherit from each other unless there is a Will, so the death of one partner may create serious financial problems for the remaining partner. There is no provision for "common law" partners, even those with children, so the only way for an unmarried couple to inherit each other's estate is to make a will.
- Parents, with children under the age of 18, should also consider what arrangements they want to make if either one or both of them die. Who would you want as the Guardian (to look after your children) and Trustee (to look after your children's finances).
- A person without any children or direct descendants (grandchildren etc) will have their estate distributed as follows:
(1) Your parents.
(2) Whole blood brothers and sisters, or their children if your siblings have not survived you.
(3) Half blood brokers and sisters, or their children if there is no surviving parent.
(4) Your grandparents.
(5) Your whole blood uncles and aunts or their children.
(6) Half blood uncles and aunts or their children.
(7) The Crown.
It is vital that your Will reflects your wishes both now and in the future, and therefore should be regularly reviewed.
* Tax information given is based on the 2020/2021 tax year, and may be subject to change in the future. Please note, normally the passing of assets between spouses does not have a liability to inheritance tax.
