Wills

Positive Solutions does not provide or regulate tax advice or will writing services - please ask your adviser for a separate terms of business.

A Will is the cornerstone of any Inheritance Tax Planning.

The Laws of Intestacy:
England and Wales: if you die without making a Will, assets will be shared equally amongst those to whom they are payable. If the deceased leaves no spouse or issue, then the estate will pass to the deceased’s parents.

Common Law spouses of ex-spouses are excluded under the Laws of Intestacy although anyone financially dependent on the deceased can make a claim for financial provision out of the estate.

Without a Will you could be making your parents IHT planning more difficult and their beneficiaries tax bill even greater.

For example:
If you are married with an estate in excess of £250,000 with no children, but parent(s) still alive. The first £200,000 will go to the husband/wife plus half the rest , the balance goes to the parents.

Without a Will there could be a serious delay in settlement of an estate.

All assets go to the Crown if there are no relatives.

The use of a Deed of Variation: Available for up to 2 years after death. This permits the beneficiaries to change the Will and pass assets on to other parties. Particularly useful for people who want to pass assets on to a younger generation and thus reduce there future IHT.

The incorporation of Enduring Powers of Attorney is particularly important. This permits an attorney to act on behalf of someone in the event of that someone losing mental capacity to enter into a contract.