Why a Will Works
3rd January 2007
There are many reasons to make a Will, not least because a well-drafted Will allows gifts to be made either directly or by way of a suitable Trust that could currently save up to £114,000 of Inheritance Tax.
Over and above Inheritance Tax factors, of course, the making of a Will grants you the opportunity in one document to put a number of matters relating to your affairs in order by way of what can be seen as additional benefits.
For instance:-
· The Will enables you to appoint a named person or persons who you trust to be your executors and trustees to administer your estate and any trusts created by the terms of your Will
· The Will allows specific gifts to be made e.g. personal jewellery
· The Will allows guardians to be appointed for infant children
· The Will allows funeral directions to be given, if applicable
· The Will allows you clearly to set out how the net balance of your estate (the residuary) is to be distributed
Without a Will, these matters are dictated by the law and, in particular, the laws of intestacy and in many cases this may result in an outcome far from that which was intended.
As just one example, the intestacy laws do not currently recognise unmarried couples. As such, an unmarried partner would have no right to any part of the deceased partners' assets under law and could only possibly recover any assets by recourse to the Courts.
Alternatively, in the case of a married couple with children, the surviving spouse is only currently entitled to the first £125,000 (£250,000 as from 1/2/2009) of the deceased spouse's sole assets plus a life interest (an income) from the remaining half.
The potential difficulties arising are legion.
We advise you to make or update your Will with a Solicitor specialising in this area of work to both save inheritance tax where possible and to ensure your affairs are in order.
We are expert Will Solicitors in Bournemouth with solutions to all your Will problems. Simply contact us today on 01202 802 807.