Why Every Parent Should Have A Will: Protecting Your Family And Preserving Your Tax Allowances

If you are married and have children under 18 years old, preparing a Will is one of the most important steps you can take to protect your family’s future. Many assume everything will automatically pass to their spouse if they die without a Will, but under the Intestacy Rules, this is not always the case. Without a Will, your estate may not pass as you intend, and your family could lose valuable Inheritance Tax allowances.

What Happens Without a Will

When someone dies without a Will, their estate is distributed according to the Intestacy Rules. If you are married with children, your spouse will receive your personal belongings and the first £322,000 of your estate. The remainder is divided — half to your spouse and half to your children.

If your children are under 18 years old, they cannot inherit directly. Their share is held in trust until adulthood, which can cause significant difficulties for your spouse, who may be unable to access the funds needed for family expenses or the home.

The Inheritance Tax Impact

Intestacy can also have serious Inheritance Tax consequences. Without a properly drafted Will, your estate may lose access to important allowances such as the Nil Rate Band (NRB) and the Residence Nil Rate Band (RNRB). If assets pass directly to children, those allowances may not transfer to your spouse, meaning that when your spouse later passes away, your combined estate could face a larger tax bill than necessary.

Why a Deed of Variation Won’t Help

Families sometimes try to correct matters after death using a deed of variation, but this rarely works where children are minors. They cannot enter into a variation, and the courts are unlikely to approve one simply to save tax. The court’s view is clear — this could have been avoided had a Will been prepared.

How We Can Help

At Hodge Jones & Allen LLP, our experienced Wills, Trusts & Probate solicitors can help you prepare a Will that protects your spouse, appoints guardians for your children, and ensures your estate is structured efficiently for tax.

Preparing a Will is simple — but its impact is lasting. Contact our Private Client team today on 0330 822 345 to secure your family’s future.