The topic was Wills and Probate, but in considering what to talk about we were very aware that genealogists and family historians are looking at old Wills and Probates differently from solicitors. In particular they are using them to seek out clues about their ancestors whereas of course solicitors are using them as a means of legally transferring assets after someone has died.
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Excluding People from Your Will and a very brief look at Lady Lucan’s Affairs
Although sizeable to many people, Lady Lucan’s estate was worth in the region of £575,000 when she died last year, which was admittedly less than some were expecting.
It is a sad fact of life today that many people find themselves estranged from one or more of their relatives, and when meeting clients to talk to them about their Wills my colleagues and I regularly face the situation where the person drawing up the Will advises us that they want to cut out one or more family member – often one of their children.
There is no doubt that in the UK Inheritance Tax is not a universally popular tax.
Many taxpayers are unhappy that the wealth they have accumulated during their lifetimes will already have been taxed as it was earned, and there is a strong feeling that to tax assets twice is simply not fair.
Many people aren’t aware that any existing Will they have will be automatically revoked on marriage, unless it was drafted in a specific way to prevent this from happening. A lot of people make the incorrect assumption that because they are married, they don’t need a Will, thinking that all will pass to their spouse on their death.
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