Writing a Will
Practice Area Specialist:
Lorraine Whitfield is a Partner of the firm and heads the Private Client team. She helps clients to plan their estates, advises on the mitigation of Inheritance Tax as well as drafting their Wills and dealing with their property. She also advises on Tax Planning, Trusts, Lasting Powers of Attorney, Court of Protection applications and related property law.
Without a will, your assets on death will pass according to the Intestacy Rules, and even the most modest estate may end up in the wrong hands. It also makes it more difficult for your relatives to realise your assets on death if you haven’t made proper provision in the form of a will.
We believe it is crucial not to underestimate the importance of making a will, and also to keep that document under regular review throughout your lifetime to cater for changes to your personal circumstances and affairs. Did you know that some of the consequences of not making a will include:
- You won’t have control over where your assets go once you have died
Without a will your estate will be shared amongst your relatives according to intestacy rules. Usually, in this situation your next of kin would administer your estate, which may have not been in line your wishes.
- If you have children under the age of 18, the courts may decide who is appointed as their guardian
- Your estate will not automatically go to your spouse
If you are married with children, your spouse will only be entitled to the initial £250,000 of your estate and 50% of any capital remaining. They also have a right to the remaining half excluding the capital.
- If you are unmarried with children, your spouse will not get anything
In this circumstance, your children will automatically be entitled to your estate.
- Your estate may be liable for inheritance tax that could have been avoided
Without a will, you will not be able to arrange your finances in the most tax-efficient manner.
- Children from a previous marriage may not be catered for
A Will ensures that they receive the proportion that you intend for them to have. Stillwells is able to help clients draft wills and review wills to give certainty that their wishes will be honoured after they die.
Contact us today for a free initial consultation using the form below or call our friendly Wills and Probate team on 023 8072 7171.