It is essential to have a Will as it protects your Assets from being subject to punitive levels of Inheritance Tax which your family and loved ones would be deprived from rightfully benefiting from.
The circumstances of not having a legally binding Will, is known as dying Intestate which means that you have no ability to decide how your Estate is distributed, and this would lead to the following challenging scenarios being presented to the deceased family.
- The deceased children would be subject to the Arbitrary rules of Intestacy as explained in the diagram below which would dictate the terms on which the Estate would be distributed.
- A cohabitation Partner would have no Legal Interest to the deceased’s Estate, and would need to rely on Implied Trusts of the Home to make a claim against the Estate which would be costly and have no guarantee of success.
- The family home could be required to be sold in order pay the onerous Inheritance Tax Liability for the Estate.
- A surviving spouse would only be entitled to a limited share of their Partner’s estate which would be capped at £250,000 free from Inheritance Tax.
It is essential to have a Will as it protects your Assets from being subject to punitive levels of Inheritance Tax which your family and loved ones would be deprived from rightfully benefiting from.
Intestacy Rules
The Intestacy Rules govern who can be appointed as the Personal Representative (PRs) of the Estate, and this bestows a significant responsibility for dealing with the Administration of the Estate.
The role of a PR is an unnecessarily challenging and highly demanding obligation to place on a member of your family, and this would be avoided with a Will being made by our specialist Solicitors who would assist you with ensuring you have the expert legal advice and support with providing Estate Planning advice and making your Will which would avoid the necessary heartache and pain which is inevitable when you die without a Legally Binding Will.
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