The Wills were perfect and will no doubt ease the burden of the process when administering the estate. Wajid Darr
0117 907 1002
Willing to give peace of mind
Many believe that if you do nothing, when you die everything will be sorted as you wanted. This is wrong!
There is a whole host of issues that arise if you die leaving no Will:
It is only by giving serious thought to such matters and ensuring you have a valid Will that contains provision fitting your circumstances and wishes that you will gain peace of mind in knowing that on your death your loved ones will be provided for as you want.
Fred and Freda are a married couple in their mid-thirties. They are both in excellent health and they have two young children. Fred has a good job with a company pension that includes death in service benefit. They want Wills to ensure that their children will be provided for. Their assets comprise:
|Home (jointly owned)||£350,000|
|Death in service benefit||£175,000|
There is exemption from Inheritance Tax on all assets passing between spouses on death, so provided Fred and Freda leave all assets to the surviving spouse, no tax will be due at that time. When the second death occurs, the executors may claim from the Revenue a 100% increase in the threshold allowance applicable at the date of that death. To obtain this increased threshold allowance, executors must hold proof that no part of the allowance available on first death was used. If the Revenue is satisfied with such proof, no Inheritance Tax will be payable on the estate. This will need to be reviewed periodically, as the value of the estate will probably increase over time and additional estate planning may be appropriate at a later date.
Fred and Freda have decided to appoint Fred’s sister and her husband as executors and trustees and also as guardians for their children. They have discussed this with them and they’ve agreed to act in these roles when the time comes. If Fred and Freda both die, they will then be responsible for the welfare of the children and also to hold the assets in trust for the children’s benefit. They will have the power to invest assets as they see fit, bearing in mind that they have a duty to do the best they can for the children. They may also use any money or other asset in the trust for the benefit of the children if the need arises.
Fred and Freda decided that their children will not inherit until they are 21, when they will be more mature and better able to deal with the money.
The family travels together fairly often, so even though the thought is an unpleasant one, they need to consider what would happen if all of them were to die in an accident. They had not thought of this themselves, but after some thought they decided that they would want their estate divided between their surviving nieces and nephews.
Westbury Wills is a member of the
Society of Will Writers