Provision for loved ones once you are gone
Our client had property and some savings, including equity in stocks and shares. Our client was not married but lived with a partner and had children.
Our client wanted to make a Will to ensure a specific provision for her partner and children once she had gone. Although she was not married, she wished for her partner to live in the property they currently shared for as long as he wanted or until his death. She did not wish for her partner to be made homeless upon her death and for the house to be sold. She was aware that being unmarried and without a Will in place this may happen according to law.
We advised the client that, at present, her estate could be subject to Inheritance Tax. If the house that she was living in passed on to lineal descendants (i.e., her children and grandchildren) she would be within the current threshold rate for Inheritance Tax, and as such, none would be payable. We also discussed the prospect of marriage and that if she were to get married in the future any money passing between spouses would be exempt from tax and that her Will may need to be revisited at that point.
Our client had specific instructions regarding how the remaining estate would be divided and instructions for her funeral. We successfully drafted her Will according to her wishes. For more information and to speak to one of our expert lawyers contact us today.