Have you got a Will? 1


Signing Last Will and Testament

Currently 47% of UK adults die intestate, in other words without a will.

The new Inheritance and Trustees’ Powers Act 2014 (ITPA 2014), came into force on 1 October 2014.
Here are some of the New Rules:
  1. Where there are no children, the entire estate will pass to the surviving partner (this shuts out blood relatives such as parents, brothers, sisters or their children)
  2. Where someone dies leaving a spouse and direct descendants the first £250k will pass to the surviving spouse/partner plus 50 per cent of the remaining balance as a capital sum (previously they had a life interest in 50 per cent of the remaining balance)
  3. Unmarried couples continue to recieve nothing if their spouse dies intestate

If you are tempted to try a ‘do it yourself’ Will, think again, they might be cheap but the consequences of getting it wrong could be extremely costly for your family.

If you own a business you also need to consider carefully what your succession plan will be.

My advice is to see a solicitor carryout estate planning and prepare a will.

 

steve@bicknells.net

 

One comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s