When managing their wealth, individuals and families usually have two key purposes – to have enough funds to support their lifestyle, and to ensure that their estate is distributed according to their wishes after they die.
If you die without making a Will, then it is left to the law to determine who inherits your property and in whose hands the responsibility for administering your estate and distributing your property will fall. This may have unwanted or uncertain succession and tax consequences with the intestacy rules (which come into play if no Will is left), often achieving an undesirable result.
The process of preparing a Will ensures that loved ones are provided for in the manner that you wish, and offers great peace of mind, as well as providing the opportunity to consider the tax implications of post-death arrangements and whether any other lifetime planning is appropriate for your circumstances.
For clients whose interests or goals may be served through the use of a trust, we regularly advise on the creation, administration and interpretation of trusts and their associated tax issues.