The following are fictional examples that illustrate the pifalls of not having a professionally prepared Will, drafted by an expert. .

When a Simple Will Simply Won't do . .
Old Mrs Smith, worth £120,000, wanted a simple Will which left “everything to her son, John”. John’s estate, prior to any inheritance, amounted to just £250,000.

John duly inherited and there was no tax to pay. Three weeks later John went under a bus. He was divorced so his Will left everything to his two year old son Sam provided he, Sam, attained the age of 21.

Of course there was an immediate tax bill of £48,000, since John’s estate was then £120,000 above the Nil-Rate band of £250,000.

Nineteen years later, when jolly young Sam came into his own, he put more than £300,000 into his hip pocket. Always one for a beer or two, he now became one for a lot more than that.

By the time he was 30 his liver was shot along with his brains - at one time jolly good brains too. The good news is that when Sam died, worth all of £10,000, there was no tax to pay at all

How to throw away £1 million without trying . .
Richard and Elizabeth were nicknamed by their friends “the King and Queen” and justly so.

They lived in a sumptuous house worth half a million and were reckoned to be worth more than £3 million, including the business which they had built up over the years.

In May, Richard, apparently at the height of his powers, had a heart attack and was dead within a week.

The Wills were again simple affairs and Mary took the whole. She then sold the business, so exposing the estate to a tax bill upon her death of over £1 million.

The Moral of the Stories?
These were just two fictional, cautionary tales of people who had 'DIY' or very simple Wills. These scenarios are quite realistic - there are an almost limitless number of similar situations where a simple Will falls very short of being the most appropriate solution.

For a modest investment in ealier life, a properly written Will can save your dependants not only thousands of pounds when you die, but also vastly reduce the risk of the estate you leave being misused.

Contact County Wills (Northampton) Ltd today on 01604 455073, or why not fill in our enquiry form?