What happens if you die without a Will?
It’s a common misconception that when you die, your assets are automatically transferred to your spouse or children. This is not true. If you die without making a Will or your Will is invalid, you will have no say in what happens to your estate.
Instead, the Rules of Intestacy will divide your estate in a pre-determined way and this may not be to the people that you wish to benefit. Equally it may not be shared in the most tax effective way.
How do I make a Will?
While you can write a Will yourself using a DIY kit obtainable from the high street it is strongly recommended that you do not go down this avenue. Too often people’s wishes are not clearly expressed or the document isn’t legally binding, which is far more expensive to resolve after death than getting it right now.
It is essential that your Will is properly prepared by a professional to avoid any confusion or disputes when you die. We can advise you on Inheritance Tax implications and on the options that are available to you as to how you can leave your assets.