Wills
Do you need a Will?
Or does your existing Will need to be revised in light of a change in your family or in your family’s financial circumstances?
This guide should answer some of your questions and help you decide whether you should talk to us about your options.
By making a Will you decide which of your family, friends or favourite charities inherits your assets. It also gives you a chance to disinherit the Chancellor of the Exchequer, by ensuring that your estate is left in the most tax effective way.
Our advice is that you should consider making a Will (or updating your current one) if any of the following situations apply to you:
- you are unmarried and would like to ensure that your estate is distributed according to your wishes;
- you are engaged to be married;
- you are separated, but not divorced, from your spouse;
- you are divorced and maintain your ex-spouse or any other person;
- you are a parent and would like to appoint a guardian for your child or children;
- you are the parent of a child with learning or physical difficulties and wish to ensure that they will be adequately provided for;
- you live in, or own property in, a foreign country;
- you own a business, a farm, or shares in a private family-owned company;
- you are a settlor, trustee or beneficiary of a trust with power of appointment;
- your estate is likely to attract Inheritance Tax and you would like to discuss ways of mitigating your liability.
What happens if you don’t make a Will?
If you die without a valid Will, your estate will be distributed according to the law made by the government of the day. The outcome is often far from what you might wish or expect and the financial security of your partner may be threatened. Please read more about this law known as the Intestacy Rules.
If your Will is drafted or executed incorrectly then there is potential for unwanted claims. Royds can advise trustees, personal representatives and potential beneficiaries on the effective resolution of inheritance disputes.
What can you do next?
If you would like to talk to us about making a Will, please contact us and we can advise you of the options open to you and also let you know if there are ways of minimising any Inheritance Tax liability.
For further information, please contact Tony Millson,
