Private Client
What happens if I die without making a Will?
If you die without making a Will, you are “intestate” and the law will decide who inherits your assets. This may not happen in the way you would have chosen. Intestate estates take longer to administer, reducing the amount available to beneficiaries and it is likely that any opportunity to minimise inheritance tax will be lost. In extreme cases, your estate will pass to someone whom you have never met or even devolve to the Crown.
What happens to my business if I die?
This will pass with your other assets. If you have not made a Will there may be no-one with authority to operate the business bank accounts.
How can Inheritance Tax be avoided?
If you make tax-efficient Wills you can make sure you use all the available allowances. We regularly help clients to save tens of thousands of pounds in unnecessary tax.
What is a Deed of Variation? How can these be used to re-write somebody’s Will after their death? Can they be used where there is no Will?
It is possible, within two years of the date of death, to make a Deed of Variation to re-direct gifts made in a Will, provided all the affected beneficiaries agree and they are over 18. They can be used where there is no Will, but they are more complicated and often less effective in these circumstances.
We own a property in Italy. Do I need to write this into my Will? Do I need an Italian Will?
If you own a foreign property you should make a Will in the country where that property is. Their rules in inheritance tax may be different from ours.
Can my house be sold to pay nursing home fees?
Yes, if there is no-one else aged over 60 living in the property. Tax efficient Wills can also be used to protect your assets against nursing home fees.
Can my Will be ‘challenged’?
Your Will may be challenged if you have not made provision, or sufficient provision, for your spouse or partner or a dependent child. If your Will appears unfair on the face of it, a disappointed beneficiary may claim that you lacked mental capacity to make a Will. We can help you to record your reasons for your decisions so that such a challenge can be resisted.
I have married/divorced since I made my Will? Does it need to be changed?
A marriage automatically revokes your Will. A divorce will revoke any gifts to your former spouse and any appointment of that spouse as your executor but otherwise the Will stands. It is a good idea to review your Will in light of any major change in circumstances.
Can I inherit debts?
You can inherit debts up to the amount you receive from an estate, but your own assets will not be at risk.
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