It is wise to make a Will so that your assets pass to the beneficiaries you choose, rather than the default position of those specified by the law. For example, couples who live together but are not married or in a civil partnership (cohabitees) are not recognised as beneficiaries under these “intestacy rules”. We set out in the attached note just how complicated it can get if you die without a Will.
A Will also enables you to:
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minimise your Estate’s Inheritance Tax liability;
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appoint guardians of your children who are under the age of 18;
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be creative, for example set up a charitable trust which takes effect on your death;
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choose who you want to manage the administration of your Estate (your “executors”);
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choose an age at which young beneficiaries inherit (18 is the default age which many consider to be too young); and
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reduce the time and expense it takes to administer your Estate.
For more information about Wills please contact Matthew Duncan or Roy Campbell of Druces LLP’s Private Wealth team.
