Your family may be left with a structure which is entirely unsuitable for their needs and, at worst, your assets may pass to beneficiaries who would not have an interest in your Estate if your Will had been properly kept up to date e.g. split family structures.
What happens if you die without a Will?
We are continually
surprised by how many people do not have a current Will or Power of Attorney.
We often find that even when clients have Wills they do not take account
of changes in family circumstances, such as births, deaths, marriages or
the nature and extent of the way in which assets are held, e.g. by trusts,
partnerships or company structures.
In addition they are generally not up to date to take advantage of
current legislation and to therefore transfer assets or income in the
most tax effective manner.
To what extent can your family benefit from a properly structured
Will?
You make every effort prior to your death to create and maximise
your wealth. A properly structured Will allows this effort to continue
and is crucial to ensure your beneficiaries are not burdened by unnecessary
taxation and the Estate’s assets are not left exposed.
Beyond this, clients should not overlook Powers of Attorney which are an integral part of the Estate Planning process.
