Re-writing Wills

Do you have a Will? If so, when did you last revise your Will? Did you know that if you do not make a Will then how your money and property on death is divided is decided by rules laid down by law (called “Intestacy”)? These Intestacy rules could see your children and spouse and even parents sharing in your assets when you might simply have wanted everything to go to your husband or wife. Now is a good time to consider planning these matters.

At Parrott & Coales we can prepare a comprehensive Will for you and if your estate is valuable, take advantage of the inheritance tax nil rate band, currently £285,000. It is possible to include a variety of options in your Will to help save inheritance tax. For example a father could leave the amount of the “nil rate band” to his children and his wife receives the balance. That could mean that when the wife dies, say, 10 years later there is no inheritance tax to pay on what went to the children free of tax on the father’s death.

The budget has tightened up some of the rules relating to trusts and at least 1m existing Wills in the UK may need to be revised to take account of the changes. Many Wills contain a “trust” clause which might be caught and should be checked. However, despite these changes, there is still scope for some tax planning.

It is also important to note that as your circumstances change (e.g. divorce or marriage), an existing Will may not be valid or reflect your wishes.

For further information contact our Wills and Trusts team at Parrott & Coales on 01296 318500 or

Email: wills@parrottandcoalesllp.co.uk