If you are concerned as to the inheritance of your estate, then it is imperative that you have a Will prepared. If you do not have a Will, then your assets may pass to individuals you do not wish to inherit or even pass to the Crown! Without a Will, it is the Government who directs who shall benefit from your estate.

It is important to have a Will prepared by a Solicitor. This will then avoid the Will being declared invalid on death and may also reduce inheritance tax liability for your relatives.

It is essential to have a Will prepared if you are in a relationship, but not married. The law does not automatically recognise unmarried partners as having the same rights as a married partner. i.e. an unmarried partner will not benefit from a deceased Estate if a will does not specifically stipulate the otherwise.

Even if you are married, without a Will, your spouse will only receive a certain amount from your estate.

Considerations to be made to an existing will

If you do have a Will it is also essential that you have your Will reviewed every two to three years. In deciding whether to review your Will, consider the following:

1. Marriage can revoke a Will if a current Will does not have a provision stipulating “In Contemplation of Marriage”.
2. You may wish to consider a new partner’s family.
3. You may wish to review your Will if you have recently added to your family.
4. It may also be appropriate to address any beneficiaries who have special needs.
5. If you have a business then you will need to consider what should happen to the business in the event of your death.
6. If you are thinking about emigrating then you will also need to think about reconsidering your Will.
7. If there has been a death of a Beneficiary, Executor or Guardian then it is obviously essential to review your Will also.

This is not a comprehensive list and therefore we would advise you to speak to a Solicitor if your situation changes.

There are different options available which will reduce your Inheritance Tax liability, some of which are straightforward and less costly, and others being complex and more expensive. However, these charges may pale into insignificance compared to any potential Inheritance Tax your relatives may have.

To receive the right legal advice and support on all matters relating to your Will, get in touch with B&L Solicitors today on 020 8288 3522 or click here to email us.