A mention of death brings an interesting pause to any social gathering, and discussing Wills has about the same effect on most people. `I must get round to making a will` passes fleetingly through the minds of most people at some stage in their lives. However, the truth is that the majority never do, and the perceived wisdom appears to be that people would rather trust the Government to distribute their estate, than spend a short amount of time making their own arrangements. 
 
Unless you make a Will, you cannot guarantee that your belongings, when you die, will be distributed as you wish. Many unnecessary complications arise, adding to the grief of the bereaved and the expense of winding up the estate.  If you die without a Will (intestate) the law provides who will receive your possessions. 
 
If you are married, but die intestate, it is a common misconception that your surviving spouse inherits everything.  This is usually not the case, and depends on the size of the estate, and whom you leave behind. If you are not married but living with your partner and die intestate, your partner will receive nothing. Leaving things to chance is not just a selfish act, it can be a certain way of ensuring that large sums of money are wasted on lawyers and court fees, whilst gifting the Inland Revenue a large proportion of everything you worked to accumulate in your lifetime.
 
With the huge increase in property values just about everywhere, the Chancellor of the Exchequer has been celebrating the generosity of the UK taxpayer for some time now and, in particular, he has enjoyed what appears to be 'unbounded generosity' from those who have died during the past four or five years. His Inheritance Tax (IHT) receipts are climbing towards £3 billion a year, and almost two thirds of that figure is drawn from deceased house-owners. As with most things, a great deal of his energies have been expended on closing loopholes and tightening up the Rules so far as tax avoidance schemes are concerned, and some of the more 'esoteric' IHT avoidance schemes have recently been closed. However, a properly drawn Will provides a first line of defence against your beneficiaries losing 40% of what you were expecting them to survive on, after you have left them to fend for themselves.
 
Similarly, because the Rules keep changing (as do individual circumstances), it is essential to review the plans that you made, to make sure that what you thought was going to happen with your money is what is actually going to happen. The process can be as simple or as complex as you wish to make it, but the requirement must be that you should do something. 
 
Because so many more of us now own properties in countries outside of the UK, this is another area of estate planning that needs to be taken into account when reviewing your Will.  Whilst it is not essential to write a Will in every country where you hold property, if you do so, it will make the job for your executors a great deal simpler if they are given the power to implement and enforce your wishes in each jurisdiction. The need to deal with this becomes even more important for UK expatriates, as not only do they have to consider their estate in their domicile of origin, they will probably need to consider the disposal of their assets in their domicile of residence and their ultimate domicile of choice. 
 
Trying to sort out estates where assets are scattered around the globe is a very profitable exercise for probate lawyers, however, the fact that it literally takes years and denies closure to the bereaved, is a burden that no right minded individual would wish on those that they love.  If the need is pressing (but too often ignored) for UK residents, that need is redoubled when one leaves the jurisdiction of the UK courts.     
 
Obviously, in such a short article, it is impossible to cover the whole subject area of Wills, Codicils, Enduring Powers of Attorney or the relatively new topic of 'Living Wills'. Nor is it feasible to examine, in any depth, the ways and means that legitimately permit you to reduce the burden of tax on your estate. However, even a brief insight into the subject may turn 'the fleeting thought' into a positive action, and that is something for which those who depend on you will be profoundly grateful. Do something nice - make a Will.

How can Candour Consultancy help?

Candour Consultancy works closely with one of the leading solicitors for the writing of expatriate Wills. Candour would be happy to introduce you to the solicitor; just click here to provide us with your preferred contact details and we will send you a copy of our Will questionnaire which requests all the information the solicitor will need to quote for and write the Will(s).

With Candour Consultancy there is no charge for our advice, no obligation and no hard sell.