60% of people die without making a will. Without one, the wrong people can inherit your assets; they may inherit them too young, and too much inheritance tax could be paid. This can be an even bigger challenge if you own property or have an interest in a business and can make an already distressing time for your family even more difficult.
Many people assume that their spouse will automatically inherit everything in the event of their death. However, this may not be the case and could result in an unnecessary inheritance tax liability as your estate will not benefit from the full spouse exemption.
Furthermore, if you are not married to your long-term partner and do not have a will, they will not automatically be entitled to receive your assets. In order to inherit, they may be required to make a claim against your estate which can ultimately deplete your assets, as well as causing tension between the loved ones left behind.
Making a will allows you to be clear about your wishes, setting out who you would like to deal with your estate, who you would like to inherit it, when you would like them to inherit and how. If you wish to include some provisions for asset protection, you may also wish to explore trust options within your will.
Taking professional advice will help ensure you have the correct structure in place for your circumstances and help make it as straightforward as possible for your family when you pass away.
Will Writing Month
This May, it is Will Writing Month lead by the Kent-based charity, Demelza Hospice Care for Children. Solicitors across Kent, South East London and East Sussex are setting aside a limited number of appointments ‘free of charge’ in exchange for a donation to the hospice.
We are pleased to announce our participation in this year's Will Writing Month in aid of Demelza. Please contact Charleigh Winter to arrange an appointment.
Demelza Hospice Care for Children provides specialist care and emotional support for children with terminal conditions and their loved ones.
For more information please visit https://www.demelza.org.uk/willwriting
To start a conversation about how we can help you to get the outcome you want
Call us on +44 (0)345 521 4545 or send an email.