Sunir Watts and Sophia Smout explain the importance of planning for the future in Taxation

Sunir and Sophia’s article was published in Taxation, 8 January 2024, and can be found here.

Thy will be done

Key points:

• If someone dies without making a will the intestacy rules determine who will inherit the deceased’s assets.
• The intestacy rules prioritise spouses or civil partners there is no provision for partners who are unmarried or not in a civil partnership.
• Making a will is essential to allow that testator to appoint executors and trustees of their estate.
• It is important also to consider putting in place lasting powers of attorney.

According to recent research published by Canada Life, more than half of adults in the UK do not have a will. The survey, based on 2,000 adults, also revealed that one in three of those aged 55 and over have not made a will. Most of those surveyed felt that their assets were insufficient to merit making a will, while others were of the opinion that their loved ones would automatically inherit their wealth, regardless of whether a will was in place or not. Other reasons ranged from feeling that there was plenty of time for a will to be written, and not knowing how or where to start.

Read the full article [subscription required]: Importance of will planning