Are You Really Next in Line?: Understanding New Inheritance Laws
New laws came into effect this week changing long standing laws on inheritance.
Unless you are married or in a civil partnership you have no automatic rights of inheritance. Fighting with the parents or children of your deceased partner over inheritance at such a sensitive time can be traumatic. However you can easily avoid this by having a will.
Another common misconception is that married couples and civil partners will get everything from the other’s estate automatically. This is not true. If you have children the surviving spouse / civil partner will get £250,000 outright plus half of the balance of the estate whilst the rest goes to the children.
One thing has however not changed. If you have no one who can inherit after you die the government will take your estate.
Paul Mounce of Graham and Rosen is well placed to advise on these changes and how they may impact on you. Paul has been with Graham & Rosen since 2002 and has a lot of experience in handling high value and complex wills.
Having a will is so much better than not having one for all sorts of reasons. A will need not be complicated or cost lots of money, a simple will can be established for as little as £240.
Making your will can help safeguard those that you love against the costs and difficulties not having a will can cause them at a very sensitive time.
Planning finances so that a surviving spouse or partner can maintain their living standards post bereavement is vital and we can assist with this and advise on inheritance tax planning, reducing the government’s share and keeping your pounds in the pocket if those you love.
Making a will also allows you to appoint a solicitor as an executor to deal with your estate when you are gone. This ensures immediate access to essential and professional support for your family at a difficult time. By using a solicitor you will always be certain of having a professional and fully insured law firm to help you, unlike uninsured will writing companies.
Graham & Rosen are here to help with what is a difficult and often stressful matter. Paul Mounce and his team are experienced in dealing with client’s requirements and managing their estates after death and are happy to help you structure your affairs for the benefit of your loved ones.
If you want to discuss making a will email Paul or call him on 01482 323 123.