For those left behind, the consequences can be serious. A common
misconception a married couple has is that everything they own will
pass automatically to their spouse, but without a will this is not
always the case. In addition, with the sharp rise in house prices,
many people who wouldn’t class themselves as rich have been taken
by surprise at the extent to which inheritance tax affects them.
Specialists in drafting Wills
By writing a will, you could potentially save many thousands of
pounds in inheritance tax. You can also:
- Choose who benefits from your estate when you die. If you don’t
make your wishes clear then your assets are distributed according
to England and Wales law, which could mean some of those closest to
you being left with nothing. For example, an unmarried partner has
no automatic entitlement to inherit your estate and can only do so
if you make a will.
- Support the charitable causes that you care about most, by
making a gift. This can reduce the inheritance tax paid on your
estate.
- Make your preferences clear about your funeral
arrangements.
Making a Will advice
There are many pitfalls when making a will, so take care if you
decide to write a will without the assistance of a solicitor. Did
you know, for example, that if you marry, your existing will
becomes invalid? Or the provisions of your will are affected if you
divorce? Sometimes a badly written homemade will is worse than
having no will at all, since mistakes can lead to years of
expensive litigation.
At Hodge Jones & Allen in London, we have an efficient and
sensitive team of wills lawyers and you will know that you are
getting advice you can trust. Our friendly and professional experts
are available to help you now and in the future should you need to
make any changes as your life develops. So, particularly if you are
on the verge of a major life change, like a marriage, divorce or having children,
or if you’re moving house, come and talk to us.
Get started with making a Will
To help get you started, download our
‘Making a Will pre-interview
questionnaire’.