Probate, Trusts, Wills & Powers of Attorney services in Birmingham
Dying intestate (without making a will) creates huge problems for families. This is particularly true where children from previous marriages or stepchildren are involved.
Your spouse or civil partner will be entitled to £250,000 or, if there are no children, £450,000 with any balance being split in half, with the spouse or civil partner being entitled to a life interest in one half and the other half going to the children absolutely.
When the spouse or civil partner dies, the capital of the other half would pass to the children. If your current spouse is not the mother or father of your children, then your children will not automatically be entitled to any provision at all – they would have to make a claim, which is a costly way to drag out the trauma of losing a parent.
If you have young children, it is essential to make a will to ensure that they will be cared for by the people whom you choose in the way you want
Over 76,000 people die intestate in England and Wales each year, leaving an estate to be administered.
If you have complex personal affairs, dying intestate can open up the possibility of unseemly and costly protracted legal battles between friends, partners and relatives.
According to IFA Promotion, people in Britain are paying £1.3 billion more inheritance tax than they need to. Inheritance tax is charged at 40% on any money in your estate in excess of £312,000 (in the 2008/09 tax year). If you are married, you can draw up wills, which divide assets in such a way as to maximise the tax advantage. You may also want to make gifts during your lifetime, which will be tax efficient.
If you have already made a will, you should update it regularly. Make sure that all your assets, including pensions and insurance policies, are left to people you want to benefit. If you have married since you made your original will, it must be remade
We have extensive experience in dealing with the administration of estates (both Probate and administration where there is no Will) from the simple to the more complex and with the minimum of fuss.
We also have experience in all aspects of Powers of Attorney work and can assist you in the preparation of a Lasting Power of Attorney, both for Property and Financial Affairs and also for Health and Welfare. Please contact us for a quote.
We will explain each step of the process to you in clear and uncomplicated legal language.
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