Wills, trusts and tax
Wills and Asset Planning
There are many good reasons for you to have a contemporary Will: settling your affairs appropriately; making adequate provision for your family; and determining what will happen to everything you own.
What happens if I don’t make a Will?
The law will lay down who will be entitled to your estate. Your spouse may get only a proportion of your estate. There could be problems tracing all your relatives. If there are no relatives, all your estate passes to the Crown. All this complicates the distribution of your estate.
How do I make or amend my Will?
A Will can be made at any time. You should keep your Will up-to-date to take account of changes in your personal circumstances. You can amend your Will by a short document called a Codicil. You should get help from a professional person experienced in making Wills. The use of a ‘home-made’ or a cheap Will could lead to problems.
Making a Will is a good time to check your finances.
You should consider the provision you make for your family and dependants through your estate, your pensions and insurance; you should review the details of your finances and the whereabouts of any title documents; and you should plan your business and tax affairs.
Complex issues
One’s affairs are rarely simple. A well drawn Will should deal with all complexities such as overseas matters, joint property, the needs of dependants, disposing of a business interest and family trusts. Some important assets, such as pensions and life policies, may not be treated as part of the estate and you may need take action about them.
Benefiting charity
You could use your Will to provide a benefit to charity. Most charities can give good advice on this. There are inheritance tax savings, but it is important to get good advice as complexities may arise.
If you would like advice or further information about Wills and asset planning please contact: -
John Cornwell
Martin Beard
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