I would like to tell you a story about a friend of mine who was only 50 years old.
He was very busy and owned quite a lot of property. It was all in his name as it worked for tax reasons, his wife being a higher rate taxpayer. He did not have a will. He came home from work feeling unwell one day. He took a turn for the worse and had to go to hospital. The poor man ended up having a stroke then a massive brain haemorrhage, he never recovered.
He left a wife and three boys. This meant he died intestate and the rules of intestacy then apply. You would think it would all go to his wife but it doesn’t, some does but the rest goes to the children meaning a huge Inheritance Tax liability of around £250,000 which could have been avoided. It will be an expensive and time consuming process to reduce the liability and to try to ensure his family get the inheritance he had worked so hard for.
While he was in hospital his wife had problems dealing with banks and other authorities. If he had an LPA (Lasting Power of Attorney) she would have written authority to deal with his affairs and people would have to talk to her. He said a few times “I must come in and sort out my will”.
Please don’t leave it too late like he did, call us today to make those vital arrangements.
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