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The Importance of Being Testate

The Importance of Being Testate

  • April 23, 2015
  • mmassen
  • Comments Off on The Importance of Being Testate

 

It would appear from recent media reports that not even a brush with death following his quad bike accident in 1998 was enough to prompt comedian Rik Mayall to write a will.  As a result he has died intestate leaving the law to dictate how his £1.2 million estate is to be shared.

His wife will get the first £250000 plus his personal possessions and the remainder will be divided between his wife and children.

Anything going to his children could be then subject to inheritance tax.

Now it may well be that his children are quite happy to vary the results of the Intestacy Rules and allow their mother to inherit everything resulting in there being no inheritance tax to pay however in this line of work too often I see families torn apart because of money.  It is much easier to be generous when the prospect of inheriting some is not imminent and it can be a difficult decision for beneficiaries to give up their inheritance.

To minimise the risk of family disputes the importance of having an up to date will cannot be stressed enough.  You can ensure that you say who gets what, rather than the law. You can take steps to minimise inheritance tax which may otherwise be payable.

Having a will gives you the control over your assets.

For expert legal advice and a fixed fee quotation for drafting a will, or for advice on varying the outcome of a will or Intestacy Rules contact the Inheritance Team at Cohen Cramer.

 

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