What happens to my estate if there is no Will in place at the date of my death?

If at the date of your death there is no Will or an invalid Will or if the Will fails to deal with the whole of your estate, your assets will be distributed in accordance with the Laws of Intestacy. In this situation, it is the Law that dictates who will deal with your estate and who will inherit your estate (property, investments, money and possessions). The absence of a Will or an invalid Will means that your estate may not pass in accordance with your wishes.

In the absence of a Will, do specific members of my family automatically become the Guardains of my children?

No. Unless Guardians have been specifically appointed under a Will, your children may end up in the care of a family member who may not be the person of your choice.

What is a Trust?

A Trust is an arrangement which allows you to leave a property or other asset for person(s) chosen by you, known as the Beneficiary. The trust is managed by persons appointed by you, known as Trustees.

What are the Tax implications of a Trust?

Rules relating to taxation of Trusts are complex and dependant on individual circumstances. We at WEP will advise you of your options and the tax implications.

If I go into long term care is my home at risk?

This is possible. Depending on your circumstances we at WEP can help you to protect part of your home.

If I give my home away during my lifetime but continue to reside there, can I avoid IHT?

No. This is called a gift with reservation of benefit and will be subject to IHT.

If I give my estate away during my lifetime can I avoid IHT?

Any gifts given away in your lifetime can be potentially exempt from tax if you survive for 7 years. This is known as a Potentially Exempt Transfer (PET). If you die within 7 years of the date of the gift, the asset will be subject to IHT on a sliding scale.

How can I reduce my tax bill?

With correct tax planning and advise from our team of experts at WEP, we are confident that we can assist you to significantly reduce your tax bill ensuring that all the correct exemptions and reliefs are fully properly utilised.

Is property abroad subject to IHT?

If you are domiciled in the UK, IHT may be payable on all assets held abroad. We at WEP can advise on how best to deal with worldwide property. Often it is necessary to also have a Will in the country of the asset to prevent complications upon death.

In the absence of a Lasting Power of Attorney, (LPA) if I lose my mental capacity, will my spouse or a family member automatically be entitled to deal with my affairs?

No. In the absence of an LPA there is every possibility that a total stranger could be making decisions pertinent to your financial and personal affairs. We at WEP can prepare this document for you giving you total peace of mind.