Back

This Time Next Year we’ll be Millionaires…Not if you Don’t Make a Will you Won’t!

He was known by millions with great affection as Trigger out of Only Fools and Horses and following his untimely death in January last year, from pancreatic cancer at the age of 69, Roger Lloyd-Pack left behind an estate valued at around £1.4 million.

Will_making.jpg

As he died without leaving a valid Will his estate passed in accordance with the Intestacy Rules, meaning that after the payment of any debts and legal expenses his wife received a fixed sum with the remainder being divided, with half going to his wife and the other half to his children.

At first glance it would seem that it could have been a lot worse, but it’s not until you look at who has benefitted and the tax implications created, that the problem becomes apparent.

This is because gifts to your spouse are exempt from Inheritance Tax, so if you left your whole estate to your surviving spouse, no Inheritance Tax should be payable. However as Roger Lloyd-Pack’s children also benefitted under the Intestacy Rules it created a needless Inheritance Tax charge as children are not exempt beneficiaries for Inheritance Tax.

Don't be a plonker

A well drafted will from your solicitor can save you thousands, and not only protect your estate from paying Inheritance Tax but also potentially protect a proportion of your estate from being used to pay for Nursing Home fees, therefore allowing your children to benefit in the future.

Don’t be a plonker, seek advice from your solicitor on the preparation of a Will to ensure that you don’t end up in the same boat as Trigger!