If you do not have a will when you die you are said to have died ‘intestate.’ This effectively means that a law made in the 1920’s will decide the order and the amounts that will pass to your next of kin. The law does not recognise a ‘common law’ spouse and even a married spouse or civil partner will not automatically benefit from all of your estate.
Did you know that if you have married, or remarried, then your will is now invalid and you need to make a new one. (unless it was made ‘in anticipation’ of an impending marriage.)
Having a tax efficient will is the cornerstone of estate planning. We believe that this is an area far beyond just passing your lifetime’s wealth to your beneficiaries. You should always consider their position as well. With the age of majority now 18, are they capable of managing their affairs at such an early age. What if they divorce, do you want your money to be lost to in-laws or to remain within your family line, therefore benefiting your descendents.
We believe that a will is so much more than a vehicle to pass on your assets to the next generation. It should also look to save as much tax as possible so that your next of kin receive the benefit of your lifetime’s work, not the Inland Revenue.
Losing a loved one is always a difficult time and if the value of their estate is more than £5,000 then you will need to apply for a Grant of Probate. Dealing with the Probate Registry, collecting information on all monies, investments, insurance policies, property etc. and then doing a tax return with the Inland Revenue is quite often a daunting experience and best left to those who do it on a regular basis.
We believe that our Probate Service is second to none. We will allocate a dedicated member of staff who will be there to help you through this most difficult time and whose role is to manage the process in a calm and timely manner.
To find out more please follow the links to the left and give us a call to see if your current will can be improved.