A blog from Harries Watkins Jones
News, information and explanations about Probate, Wills, Lasting Power of Attorney, Inheritance Tax and related topics, from our team of tax and legal experts. We hope you find them useful and informative. If you have any suggestions for future articles please let us know.
It is definitely worth considering this if you have children under 18 years of age and are drafting your Will.
Your Will should represent your unique and personal wishes as to who should inherit your assets and estate after your death. You should therefore be free to leave your estate to whoever you choose.
Most of us will be familiar with this expression but how many of us have considered what it actually means. Whilst most of us are extremely organised and professional during our daily lives in the workplace with our finances, pensions etc all in place, …
This is a useful method for allowing beneficiaries of a Will to rearrange the distribution of the deceased`s estate.
We have all heard recently heard how Charities have been struggling financially during this current pandemic. Which is why it is important now more than ever to consider perhaps leaving them a legacy in your Will.
A recent article in a newspaper has suggested that dealing with Probate for a friend or relative can cause mental health issues for the bereaved.
This is a particular problem in today`s society where a person may marry more than once in their lifetime. Married couples often prepare Mirror Wills leaving everything to each other and then their children on death.
No inheritance tax is payable on gifts between spouses or civil partners as long as both parties are domiciled in the UK. This is often used as a basic method of IHT avoidance.
There are many good reasons for making a Will. Next step is deciding whether to draft your own DIY Will or seek professional Legal advice.
Your Will is automatically revoked (cancelled) if you get married after you have signed and executed it unless you provide a clause in your Will stating that you intend to get married and the name your future spouse.
As Inheritance Tax (IHT) is calculated on the value of the estate at death (the assets that you leave when you die), reducing the value of the estate through gifts is the most basic form of IHT planning.
If you die without making a valid will you will be said to have died intestate. This means that there are special rules which will then decide who inherits your estate.