Making a Will
It is a common belief that a person doesn’t need to make a Will, as everything in their Estate will go to their husband or wife. If there is no Will, the surviving spouse would only receive the first £125,000 of the Estate, and if they have no children they would only receive the first £200,000. In the case of having no children, there is the distinct possibility that part of their Estate will be passed to the deceased’s parents. Alternatively, the Estate could go to brothers and sisters of the deceased, in the event that the Estate does not exceed £200,000. EAD Solicitors LLP recommend that it is vital to make a Will so that your wishes for your Estate are carried out after death.
Inheritance Tax
It is important to realise that even if you make a will and allocate your Estate to your spouse, it can often be the case that only the first £300,000 is free from inheritance tax. The remaining portion of the estate could be taxed at a rate of 40%. Therefore, if the amount passed on is more than £300,000 and that spouse then dies, there could be a huge inheritance tax bill for the children involved. EAD Solicitors LLP solicitors will be happy to assist you in managing your finances so that you can make annual lifetime gifts of money to your loved ones, to avoid the pitfalls of inheritance tax.
Deeds of Variation
Deeds of Variation can be made within two years of the date of death. Provided that all the beneficiaries are adults and agree, steps can be taken to vary the dispositions of a Will. This could involve making provisions which would either be fairer or more tax effective than the original Will, as far as the deceased's family and dependants are concerned. EAD Solicitors LLP are the experts in providing advice to achieve both equitable results and the saving of inheritance tax, by the skillful use of Deeds of Variation.
Inheritance Disputes
Inheritance disputes can arise both with and without the presence of a will. For example, partners are frequently not provided for in a Will, although the parties might have lived together for many years. Also, a Will may not have been made and all the Estate might pass to brothers and sisters of the deceased, in circumstances which are clearly unfair. EAD Solicitors LLP can advise surviving partners and make claims upon their behalf under the Inheritance (Provision for Family and Dependants) Act 1975. The firm has a proven track record of dealing with such cases in a sensitive manner, with a view to obtaining a just and fair result for their clients.
