FAQs about Inheritance Law
Inheritance Law relates to three main areas. They are:
- what happens to your property, money and other assets upon your death.
- What happens to your children should they be orphaned.
- How much inheritance tax you will pay
Our solicitors will be able to advise you on all of the above areas of inheritance law and wills.
Advice on Wills
The rules governing inheritance law relate to the passing on and distribution of property after the death of an individual. A Will allows the creator to put into effect his specified wishes relating to the distribution of these matters. Your estate includes all property that is owned by you including a share in jointly owned property such as a house.
If you die without a will then you will die intestate. Your estate will not be distributed as you may have liked but will in fact be distributed in accordance with the Intestacy Rules laid down by statute.
Is it necessary to create a Will ?
Yes it is very important to make a will, especially if you have young children. If you do not make a will and your death leaves your young children orphaned then you will not be able to state who you would like them to live with and be brought up by. A court will do this.
Equally you may have some plans as to what you want to do with your estate upon your death and who you want to give it to. If you don’t put these plans down in a will then your estate will not pass as you wished but rather according to the rules of the Government.
Finally, if you are married and you want your family to pay less inheritance tax rather than more on your death then make a will. By making a will you can make sure you can legally use all your relevant tax exemptions together with your spouse so that you pay the least amount of inheritance tax possible.
If you require any further information on the above or require a will so you can provide for your family after your death then please contact our specialist inheritance lawyers now.
What now ?
Why not return to the main inheritance law page.