For the first time
ever, the number of people living together in the UK exceeds the number of
married couples; and around half the number of new-born children are born
outside marriage.
This situation is giving
rise to an increasing number of property disputes, particularly where one party
dies without having made a will. It appears that many unmarried couples do not realise
that the concept of “common law marriage” does not exist, and that their
partners are not necessarily entitled to assets which they may currently share.
The situation becomes
even more complicated in the case of older couples who are living together but
have property or children from previous relationships.
The main problems
result from intestacy and can be avoided by each party executing a will, and
ensuring that this is kept up-to-date as circumstances change. Whilst there is
the option of standard wills online, our experience has shown that in the
majority of cases these are drafted in such a way that leave them open to
challenge/interpretation, or worse, in a way that means the wrong people
receive inheritances.
We believe that the
most effective solution in such cases is to combine the services of a solicitor
(especially for larger estates where tax efficiency is all-important) with the
services of an independent financial planner to ensure that your assets are
managed in the best way while you are alive, and so that the right people
benefit from hard earned money at the right time and in the most efficient
manner from the perspective of mitigating inheritance tax.
Our Private Client
Team have a wealth of experience in working in collaboration with your
solicitor to ensure that all your affairs are arranged in such a way that there
is minimal fuss in dealing with inheritances, and that as much money is passed
to your beneficiaries in the way you would wish it to be.
Duncan
Wilson
Private Client Partner
Telephone: +44 (0)20 7893 3456
Email:
getintouch [@] broadstoneltd.co.uk
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