Some things you need to know about Inheritance and Wills

Did you know? 

  1. If you leave 10% or more of your estate to a charity you will reduce your Inheritance Tax liability from 40% to 36%. 
  1. Joint ownership of a property means that both parties own 100% of the property. 
  1. Tenants In Common means you have divided the ownership of the property, perhaps 50%/50% but it could be 99%/1%. 
  1. The Inheritance (Provision for Family and Dependants) Act 1975 (“the Act”) provides that adult children are entitled to apply for reasonable provision from the estate of a deceased parent. 
  1. ‘Next of kin’ is your closest blood relative but it does not mean they have legal authority to make decisions for you. 
  1. ‘Per stirpes’ is the legal term used to denote an inheritance being passed down the bloodline. It means branch/root. 
  1. You must have ‘testamentary capacity’ in order to give instructions for a Will. This means you must intend and understand the instructions given. 
  1. Making a change or a written mark on a Will can render it invalid. Even crossing out an address and adding a new one will invalidate a Will. 
  1. If you remarry, your existing Will is immediately void.  
  1. You can make a Will in anticipation of marriage and have a ‘reasonable’ amount of time after the wedding to update details. 
Some things you need to know about Inheritance and Wills