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A common misconception is that you do not need a will because
your spouse will inherit everything. This isn't correct…..if you die without
a will your wife will get:
1. All your personal chattels
2. £125,000
3. A life interest in half of the rest.
Your children will receive the other half. The main problem with
this is that if the house is in your name then your spouse will not be guaranteed
a roof over their head.
It is important that you ask yourself the following questions to make sure that
your estate is distributed exactly as you want:
1. Do I have a will?
2. When did I last update my will?
3. Have I had any children since I last updated my will who should
be included?
If any one of these questions is not answered satisfactorily then you should take
action. If the answer to question 1 is "no" then you should also ask
yourself the following:
1. Who will administer my estate? (this is usually your spouse
and a professional person to provide support)
2. Do I have business assets that qualify for 100% relief from
inheritance tax? (these should be specifically gifted to minimize any inheritance
tax liability)
3. Do I have a shareholders agreement for my business? (this will
enable surviving shareholders to purchase your shares for cash which may benefit
both your spouse and the business).
If you need any help with your will and the relevant tax planning then please
contact us.
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