It is always a good idea to review your Will, or make a Will if you have not already done so. Having a Will can achieve significant savings in tax if your estate exceeds the Inheritance Tax threshold of £312,000. Even if your estate is smaller, a Will can reduce the costs of winding-up your estate and means that you can decide how your estate is distributed rather than it having to be dealt with according to the general law.
What will happens to your estate if you die without having made a Will?
From 1 February 2009
If you leave a surviving spouse* and children,
You spouse is entitled to a "Statutory Legacy" of £250,000.00**, plus personal chattels and a life interest in half of the remaining estate. i.e. your spouse is not necessarily entitled to the whole of your estate if it exceeds £250,000.00*
If you do not have children but leave a surviving spouse, parents, brothers sisters nephews or nieces then your spouse receives a statutory legacy of £450,000.00, personal chattels and a half share in the remainder of the estate with the balance shared amongst the other surviving relatives.
* includes civil partner ** Prior to 1 February 2009, the figure was £125,000.00
For further information please also see the Probate Service website
If you would like to instruct us to prepare a Will for you or assist in the administration of an estate (Probate) please contact Brian Saville on 0161 491 8540 via email wills@savilles-solicitors.co.uk or call in to our office at 87a High Street, Cheadle, Cheshire SK8 1AA
If you wish to instruct us to prepare your will you may find it helpful to download and complete our Will Questionnaire.
