Why having a will (even a simple one) is better than dying without a will

Making a will can seem difficult, and the temptation to put it off until "another day" may be great. There are numerous justifications offered for not drafting a will, many of them are founded on false presumptions or a failure to recognise the significance of doing so.

It is strongly advised to have a straightforward will in place even if you do not have a sizable quantity of cash. You have a lot more flexibility with it, and you may decide who will inherit your possessions after you pass away. Without a will, the default laws of intestacy, as outlined by the law, would determine how your inheritance was divided. This may not be how you planned your possessions to be divided and may benefit those you did not intend to leave anything. Hence, in our legal advice, we would suggest appointing a power of attorney who will ensure nobody else gets to make decisions upon your death.

What are my rights? I have been removed from a Will

How do I contest, dispute, and challenge a will and estate that I was left out of? For instance, my father left his money to his unmarried partner and left me out of his will, or my mother left more money to my sister than to me.

In what circumstances can an executor raise a court action on behalf of an estate?sim

When does an executor have the right to file a lawsuit on behalf of the estate of a deceased person? This was recently discussed in the matter of Riddell v. Arcus Solutions (Holdings) Ltd. before the Sheriff Court. Whether or not the executor has been formally chosen—either by the decedent in a will or by the Court after the decedent's passing—determines the response.

You can decide who will inherit what from your estate

A Will is a legal document that takes effect once you die. Anyone in Scotland can write a Will from age 12. When you die everything you own, and all the debts you owe, are regarded as your 'estate'.

Making decisions about our bodies is a critical component of estate planning. There are various areas where a person can prepare in advance to present information about their preferences, allowing their requests to be honoured in the end. Failure to carry out such future planning can result in various default legislation taking effect, which may result in an outcome that the individual would not have desired.

According to the Law Society, the number of people looking to write new Wills in the UK has risen by at least 30 per cent following the outbreak of coronavirus. Nevertheless, the process of creating and amending Wills relies heavily on face-to-face interaction, which makes the government measures to stay at home and self-isolate more challenging.

In light of the current coronavirus (COVID-19) pandemic, you will likely have numerous questions about how this could impact your estate planning. Now, more than ever, it is vital to check that all of your documents, especially your Will, are up to date and reflect your current life circumstances.

According to recent research from Direct Life Line Insurance, 60 per cent of divorced Brits who are now in a new relationship, have failed to update any of their personal finances since their previous marriage. This includes the beneficiaries of their pension, death in service benefits, health and life insurance, money in trust, or their will.

The Scottish Government launched a public consultation on the 17^th February 2019, asking how the law covering succession could better reflect 21^st century Scotland.

Following a Freedom of Information (FOI) request by Direct Line Insurance, Guildford in Surrey was dubbed the Inheritance Tax capital of the UK after it was revealed that as many as 658 families from the town southwest of London were subject to the tax between 2015 and 2016. On average, each family are said to have paid £231,000 per estate (a total of just under £152 million), more than anywhere else in the country.

Recently released data from HM Revenue & Customs shows inheritance tax (IHT) raised a record £5.2 billion in the 2017-18 financial year, up 8% from the previous tax year.

A new report into intergenerational wealth transfer has found that over 11 million people aged between 25-45 in the UK expect to receive some sort of inheritance from their parents or grandparents, with nearly half (5.1 million) of these expecting to inherit at least £50,000 in fixed assets or money. 

Acting as executor for an estate carries a great deal of responsibility, and while the majority of executries are completed without incident, complications can arise and executors can sometimes find themselves in a difficult and unexpected situation. 

The Office of Tax Simplification (OTS) has published a call for evidence and an on-line survey to gather information about people’s experience and perceptions of Inheritance Tax. 

In an interesting case from Wales, a judge in Cardiff’s High Court has taken the unusual step of overturning a deceased man’s will to award property and some money to his long-term partner, reports the Daily Mail. 

New research has revealed a lack of awareness amongst cohabiting couples of what their legal rights would be should their partner pass away. 

The Chancellor of the Exchequer, Philip Hammond, has apparently written to the Office of Tax Simplification (OTS) to request that it carry out a review of Inheritance Tax (IHT) in the UK. 

A new report from the Resolution Foundation has revealed millennials are in line to receive the largest and most wide-reaching ‘inheritance boom’ of any post-war generation. However, this won’t come in time to solve their home ownership and wealth inequality woes. 

The news that HMRC is projected to receive more inheritance tax (IHT) than initially forecast over the next five years should ring alarm bells for people with estates that are likely to be valued over the IHT threshold. IHT planning should now be a fundamental part of estate planning for everyone in this situation. 

The Law Commission for England and Wales recently conducted a public consultation exercise over reforms to the laws governing will writing in England and Wales.