This global pandemic may be a major life event for everyone and something we will discuss in years to come. It may change our approach to many aspects of our lives.
The Law Society has reported that many people have used this time to create or update their wills. However, many people in the UK still do not have a will, and with most hospital visitation rights being suspended, should you fall fatally ill, a last-minute will may not be possible.
If you do not have a will, your estate (all the assets you own at the date of your death) are distributed in accordance with the Intestacy Rules. Here you can find a useful flow chart to see where your assets will go under the Intestacy Rules.
If the Intestacy Rules do not distribute your assets as you would like, you must create a will. This will give both you and your loved ones peace of mind. Losing a loved one can be difficult enough. A will helps provide your loved ones with security and assurance that they will be supported even after you are gone.
Beyond distributing your assets, you can appoint guardians for your children or even create a trust fund for minor children or a disabled member of your family to ensure they receive the support they need after you have gone – this can even include your pets! We can ensure that your will is tax-efficient, using all available reliefs and allowances from inheritance tax.
Call private client partner James McMullan today.
Note: This is not legal advice; it provides information of general interest about current legal issues.