You can’t take it with you….

/ Tax

Author: Henry Ejdelbaum

Tags: inheritance tax, Intestate, population, property, UK, Will

… but you can make sure that it goes where you want it to go.

Studies suggest that well over half of the UK population have not made a Will, and that a third of us will die intestate. A worrying situation when you consider that you should be in control of your own legacy.

Have you made a Will, planning to do so or just don’t you think it is necessary? Or plain just can’t be bothered. Here are some points to think about:

  • You property does not automatically pass to your spouse/partner. Only happens when the property is held jointly and must be held in a specific legal form.
  • Only the first £250,000 of your property is certain to pass to your spouse/partner.
  • If you have children they will get half the excess above and your spouse/partner the other
  • If single and childless your property passes to your parents over your siblings.
  • Inheritance Tax varies enormously depending upon how you package your estate.

If you have made a Will, good work, but there are always points to remember:

  • A Will is invalid if preceding a divorce.
  • Circumstances change and your will may now not reflect what you want to happen to your property.
  • Be clear and leave out ambiguity – “I leave my golf clubs to my grandson” is not particularly helpful if you have more than one.

Leaving a Will should give a clear path for your estate to end up where you want it to, mitigate tax issues and ensure that your legacy is fit for purpose. It could make all the difference to those you leave behind.

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