Preparing a Will can often sit on one’s ‘to-do-list’ for a long time before any action is taken; perhaps because of superstition, refusal to discuss the inevitable or simply a lack of understanding.
In times of uncertainty however we are reminded just how important it is to have your affairs in order.
WHAT SHOULD BE INCLUDED IN YOUR WILL?
Central to the making of wills is the distribution of assets on death; however, a will goes further and allows you to deal with a number of factors, including:
1. Appointment of executors
2. Appointment of guardians
3. Minimise inheritance tax
WHAT HAPPENS IF YOU DIE WITHOUT A WILL IN PLACE?
If you die without having made a Will strict rules, known as the “rules of intestacy” will apply.
The laws of intestacy govern which family members will inherit from your estate and in what proportion they will inherit. A common misconception is that a surviving spouse will inherit the estate of their deceased spouse in its entirety. This is not the case and, depending on the value of the estate, can have adverse inheritance tax consequences.
NEED SOME ASSISTANCE TO MAKE A WILL?
Personal matters often need a sensitive and mindful approach and our private client team can assist to deliver effective outcomes in what can sometimes be a challenging and emotive circumstance.
If you do require any advice or assistance in dealing with the issues we have outlined above or more generally please contact us by email on enquiries@jpclaw.co.uk
