Legal News | 17.09.26
Working 9 to 5 and planning for the future?
The recent death of Dolly Parton, who had no children (and reportedly left an estate worth around $450 million!), serves as a timely reminder of the importance of estate planning for those without direct descendants.
Many people without children assume estate planning is less important for them. However, careful planning is just as crucial. Without a valid Will, your estate will be distributed according to the rules of intestacy which can mean that your estate may not pass in line with your personal wishes. Furthermore, there could be significant tax implications for your estate.
Under the intestacy rules, assets pass to surviving family members in a strict order of priority which may not reflect the relationships that matter most to you. You may wish to leave your estate to an unmarried partner, close friends, nieces and nephews, godchildren, or charities rather than to the beneficiaries defined by the intestacy rules. If your estate does pass via the intestacy rules and no eligible family members can be traced, your estate may ultimately pass to the Crown.
It is therefore important to consider carefully who should benefit from your estate on your death and to put in place a valid Will to ensure your assets are distributed in accordance with your wishes.
Charitable giving can also form an important part of estate planning. Gifts to UK registered charities are exempt from Inheritance Tax and, where at least 10% of a person’s net estate is left to charity, the rate of Inheritance Tax on the remaining taxable estate may be reduced from 40% to 36%.
If you would like advice on preparing or updating your Will, or would like to estate planning, please contact the Private Client Team at Wansbroughs on wealth@wansbroughs.com.
