12LEGALADNEWSHOMEPORVICEHOMEPORT T
Making a Will
by Roger Salvetti of Biscoes Solicitors
I
t seems that it is often at this time of year provide for the wife’s and children’s shares inheritance tax mitigation if no will is
that people think about ensuring their under ‘the Law’! made, and remember, it will eat up your
affairs are left in order to minimise the worry hard-earned estate on the death of the
for their families and reduce any inheritance What if the couple are not married? Sorry, survivor of a husband and wife at the rate
tax which might be voluntarily given to the but the ‘partner’ will not receive anything if of forty per cent (yes – four 0!) on anything
tax-man! he/she is deemed to be self-sufficient, and above £263,000. Just add it all up,
the children will get the lot - unless you including your house, and see how much of
Many people think that if they do nothing fancy the time and cost of an application to a gift you will be making to the Inland
“the Law will do the right thing by me”. the court. Revenue, and it will be your children who
The answer to that is …possibly, but not will be signing the cheque!
necessarily! What if both parents die in an accident
together, who would bring up the children? So be sensible, you owe it to your family,
So, for example, ‘the Law’ says if you make Who would be the administrators of your make a will and breathe a big sigh of relief.
no will a married person receives £125,000 estate? Would you like your children (if over
from their deceased spouse’s estate and an eighteen), your parents or your brothers and For more information and advice visit
income for life on one-half of the balance sisters to have the burden? What if you had www.biscoes-law.co.uk or
(with the other half going to the children at not got on with them? www.forceslaw.co.uk Remember, there is a
the age of eighteen). But what happens if the free initial thirty minutes interview available
whole value of the marriage capital is tied up Are you happy to be cremated or buried – from Forces Law solicitors (Biscoes is a
in the home of, say, £180,000 to £200,000 will they get your wishes right? member). Or try searching on the web –
and is in the deceased person’s sole name? there are lots of options and loads of
The house may well have to be sold to There are very few opportunities for information and advice. G
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