What happens if you do not make a will?
If you die without leaving a will, intestate laws are applied to your estate. Basically, these are like a set of formulae that divide your estate based on how much it is worth and whether you are married, have children etc. Unmarried couples are not recognised by intestate laws.

If there are intestate laws, why do I need to make a will?
The obvious answer is that intestate laws do not give you any control over what happens to your estate. The criteria they apply to divide your estate have to be very rigid. As a result, it is unlikely that they will be in line with your own wishes. In addition, unmarried couples are not recognised by intestate laws meaning that the surviving partner is not automatically entitled to any part of the estate. Making a will avoids any of these complications as it allows you to decide who you would like to be your beneficiaries and what you would like them to receive. You are also able to plan for Inheritance Tax.

What is Inheritance Tax?
Inheritance Tax is applies to estates worth more than £250,000. This sounds like a lot but many people are worth more than they think, particularly if they are homeowners. With a little bit of forward planning, it is possible to minimise the chunk Inheritance Tax takes.

Once I have made my will, is that it?
It is important to keep your will up to date as your circumstances change. If you have recently bought a house or have divorced, you should amend your will to reflect this. Also bear in mind that, once you have married, any previous wills become invalid.

Please contact us to arrange an appointment if you would like guidance on making or updating your will and advice on planning for Inheritance Tax.

Billson & Sharp Solicitors
Belvoir Chambers
17 Bowling Green Street
Leicester LE1 6AS

Tel: 0116 255 9911