The Inheritance and Trustees Powers Act 2014 which came into force on 1 October 2014 has altered the way in which the assets of people who die intestate (without a will) are shared between their relatives.
Are you prepared?
Here are 7 ‘A’ steps to consider when making a Will.
- Avoid the intestacy rules (while spouses may have more protection as a result of change in the law, cohabitees are still vulnerable)
- Assess the assets in your estate – in particular are there any overseas assets and what about digital assets i.e.information/know-how stored on the net?
- Appoint executors of your choice to administer your estate
- Appoint guardians to look after any children who are still under 18 when you die
- Allocate your personal possessions amongst your loved ones or ask your executors to do so by acting on written instructions left with your Will
- Arrange for the balance of your estate to be left to your intended beneficiaries taking into account their needs and any tax benefits
- Add a trust where there are vulnerable beneficiaries or you are concerned that money needs to be preserved for their long term benefit
.....and finally don't forget "A" is also for Attorneys. Put in place a Lasting Power of Attorney to enable your affairs to be managed if you lose your mental capacity e.g. through a stroke.
If you would like to speak to a member of our team about making a will or to learn more about The Inheritance and Trustees Powers Act 2014 please call us or email by clicking here