Where a death occurs suddenly or unexpectedly, additional distress may be caused if the deceased has not left a valid Will, which clearly and unambiguously directs how their estate is to be dealt with.
Where there is no Will, the deceased is said to have died “intestate” and their estate is divided up in accordance with a pre-determined set of rules.
The people who the deceased would have wanted to inherit their assets may not necessarily be the people who will benefit. Furthermore, the intestacy rules make no provision for partners who are not married to or in civil partnership with the deceased, even if they co-habit.
In these circumstances, the surviving partner can apply to the court for provision from the estate, but the process can be lengthy and costly.
If you have a Will, but it is not correctly drafted, it may be wholly or partially invalid, in which case the intestacy rules may apply to some or all of your assets. When you marry, any Will made prior to that date becomes invalid.
Out of date Wills may not be tax efficient and your family could face a higher than necessary inheritance tax bill, leaving them with less than you would ideally have wished.
If your assets have changed significantly following retirement, downsizing or a business/property sale, your Will may no longer be appropriate and, if you don’t amend it, some of your beneficiaries could end up inheriting more or less than you had intended.
The message is clear; the best way to ensure that your assets are passed on in accordance with your wishes is to make a professionally drafted Will and to keep it up to date. We work closely with clients and their lawyers to support the Will preparation and estate planning process, particularly with regards to inheritance tax.
With asset values currently depressed and the very real threat of tax rises to come, there has never been a better time to review your inheritance tax position and to think about how you want your assets to be distributed in the event of your death.