BONALLACK & BISHOP PRESS RELEASE

October 2007

Why being without a will could put you at risk 

Can you believe that over 70% of the population don’t have a current accurate Will. Don't be one of them – if you are, you risk dying intestate (i.e. without saying who should inherit your property). This could leave a very uncertain future for your family, friends and even business partners. Specialist wills solicitors strongly advise that you make a Will and review it from time to time It may cost less than you think. 

If you don’t make a Will:- 

• Your family could be involved in unnecessary costs and delay and you will have no control over what happens to your property.
• Disagreements may arise between how your property is split between your family.
• You may not have made enough financial provision for your spouse.
• Your home may have to be sold to distribute the assets unless you make the position clear to the contrary.
• There might be more tax to pay.
• You could leave business partners unprotected resulting in a forced sale of the business.
• If you live together without getting married then your partner has no automatic right to any of your estate.
In contrast, if you make a Will you do keep some control over what happens to your property after you die and can ensure:-
• Proper provision for your loved ones.
• You decide who should deal with your estate.
• You choose someone to look after your young children.
• You keep tax payable on death to a minimum.
• You remember family and friends by leaving them particular gifts.
• You avoid disputes over your property from first and second families.
• You make proper provision for your partner if you are not married.
• You provide a smooth handover of your business. 

Don’t forget your estate may be far more valuable than you think and will include your home, your business, any savings, any insurance or pension policies, your personal possessions and any second home you may be lucky enough to own. Inheritance tax is no longer just for the rich. With the average house now worth over £200,000 more and more people are at risk of incurring a substantial inheritance tax bill on their death. 

For further information contact Paul Chudleigh at Bonallack & Bishop Solicitors.