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Leave your estate to loved ones rather than up to chance

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Published 30 October 2018

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A key point that the public should take away from the findings in the article at the bottom is that the hidden costs of dying intestate can often far exceed the cost of putting in place a simple Will. If intestate individuals do not have close family, they risk leaving their estate exposed to third party heir hunters and the commission which such companies may take before next-of-kin are informed.

Those individuals should ask themselves whether they would prefer that their estates be left to friends or even charity instead, rather than a proportion evaporating in administration costs before their next-of-kin ever sees their inheritance. Even if an individual’s wishes are similar or identical to the intestacy rules, a Will allows a testator to tailor their wishes and to provide their executors with more flexible powers, rather than resorting to the rigid intestacy rules. A Will also allows testators to set out substitute wishes in the face of unforeseen changes in circumstances, for example the unexpected death of a loved one.

A simple Will provides an individual with the peace of mind that their affairs will be properly administered after their death, and ensures that the intended recipients receive the appropriate amounts in a timely and efficient fashion, rather than waiting for the council’s administrative process to run its course.

All of this is not to disregard the potential tax mitigation which can also be achieved from prudent and careful testamentary and lifetime estate planning.

https://www.thetimes.co.uk/article/councils-ignore-inheritance-rules-and-leave-heirs-with-large-fees-n35x5pt50

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Shorter Reads

Leave your estate to loved ones rather than up to chance

Published 30 October 2018

Associated sectors / services

  • Private Wealth
  • Wills & Succession Planning

Authors

A key point that the public should take away from the findings in the article at the bottom is that the hidden costs of dying intestate can often far exceed the cost of putting in place a simple Will. If intestate individuals do not have close family, they risk leaving their estate exposed to third party heir hunters and the commission which such companies may take before next-of-kin are informed.

Those individuals should ask themselves whether they would prefer that their estates be left to friends or even charity instead, rather than a proportion evaporating in administration costs before their next-of-kin ever sees their inheritance. Even if an individual’s wishes are similar or identical to the intestacy rules, a Will allows a testator to tailor their wishes and to provide their executors with more flexible powers, rather than resorting to the rigid intestacy rules. A Will also allows testators to set out substitute wishes in the face of unforeseen changes in circumstances, for example the unexpected death of a loved one.

A simple Will provides an individual with the peace of mind that their affairs will be properly administered after their death, and ensures that the intended recipients receive the appropriate amounts in a timely and efficient fashion, rather than waiting for the council’s administrative process to run its course.

All of this is not to disregard the potential tax mitigation which can also be achieved from prudent and careful testamentary and lifetime estate planning.

https://www.thetimes.co.uk/article/councils-ignore-inheritance-rules-and-leave-heirs-with-large-fees-n35x5pt50

Associated sectors / services

  • Private Wealth
  • Wills & Succession Planning

Authors

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