What will happen to your assets when you die? Would you prefer to specify exactly who receives what, and put in place appropriate Inheritance Tax planning measures, or would you prefer to leave the matter to be decided by reference to the Intestacy Rules, a well-intentioned but very much “one size fits all” piece of legislation?
Oddly enough, it appears that the majority of the UK adult population prefers the latter option, as less than half of us have made a valid Will. Of course this is more to do with inertia than a desire to set off family feuding in the wake of a death, but nonetheless that is a risk that millions of UK citizens appear to be willing to take.
In some cases the intestacy rules will achieve the desired effect, but it is very dangerous to assume that to be the case, and in the vast majority of cases they will not accurately reflect the specific wishes of the deceased. There are some specific circumstances in which it is particularly dangerous for a taxpayer not to make a Will; such taxpayers include:
Those living together outside marriage or civil partnership (the intestacy rules make no provision for life partners in such cases);
Those with children from a first marriage who have re-married;
Those who have property that is eligible for business property or agricultural property reliefs;
Those sharing domestic accommodation with adult children or others on a cost-saving basis
It is necessary to appoint executors of your Will, who will carry out your wishes and administer and distribute your estate after your death. Typically trusted close family members and/or professional advisors carry out this role.
We have trusted professional contacts who can take instruction for and draft Wills in all circumstances. We also have the experience and skills to help client through the processes of probate and administration, which are the proving and implementation of the Will and its terms. And we can offer detailed advice on Inheritance Tax planning measures, whether comprised in the Will or entered into during lifetime.
If you are considering making a Will, would like Inheritance Tax advice, are having problems in administering an Estate or would simply like to know more about these areas, please contact Sharon Nash
SBN Tax & Accounts Services Ltd 