Wills
Although most people consider making a will at some point, and often worry that they have not made a will, many never get round to doing it. This is sometimes because they are worried about the whole procedure and the complexities that may be involved. In the normal family context, the procedure can be, in fact, very straightforward and the matter can be dealt with swiftly, resulting in peace of mind.
In our experience, many people first consider making a will shortly after moving house, after a death in the family, after a child is born or following a family breakdown. It is particularly important for unmarried couples to consider making a will. Many people assume that if they die their partner will inherit their estate. In fact, this is unlikely to be the case unless wills have been made.
It is important that people review their Wills regularly, particularly if their circumstances change i.e. marriage, children, divorce etc. It should be noted that divorce does not invalidate a Will made before the Decree Absolute, it simply revokes any reference to the party’s ex-spouse. Marriage, however, does invalidate any Will made before the marriage ceremony although it is possible to prepare a Will in contemplation of marriage.
Discretionary Will Trusts
In the light of the increase in property values over recent years more people every day are faced with the prospect of inheritance tax having to be paid on their estate after their death. As the amounts involved can be significant, it is only sensible to look for legitimate ways to minimise, or sometimes entirely extinguish, the likelihood of such tax having to be paid. Often an effective way of achieving this aim is to incorporate a discretionary will trust in a will.
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