As recently announced, Rik Mayall has died intestate (without making a Will). With an estate reputed to be around £1.2million, the inheritance tax to be paid to HMRC on this figure would be in the region of £60,000, before it passes to his wife and three children under the rules of intestacy and could potentially take a lengthy legal process to resolve.

James Clarkson, trainee solicitor in the Wills & Probate department “The tragic death of Rik Mayall highlights the need to make a Will. As well as giving you peace of mind, you can ensure that assets pass to the beneficiaries in the most tax efficient way possible. Without a will, the state dictates exactly which family members inherit, so people you care about may get nothing whilst a relative from whom you have been estranged for many years may end up with everything. With a will you decide who will benefit from your estate which could include family members, friends and charities.”

“Simply telling people what you want to happen on your death is not enough.  The only way to guarantee that your assets are distributed as you wish is to make a will.  It is also important to review a will regularly as circumstances change as may your wishes.”

“The intestacy rules do not acknowledge unmarried couples, sometimes referred to as “common law marriages”. We have seen situations where a couple, who are not married or in a civil partnership own a house and have children, have run into problems upon the death of the first of them. The property may be owned by them as beneficial joint tenants meaning the house automatically passes to the survivor of them, but if there is a mortgage protection policy which has not been written into trust, the funds will form part of the estate which will be held in trust for the children until they reach the age of 18.  The surviving partner has to continue paying the mortgage without the protection that the policy was meant to give.  The only course of action for the surviving partner would be to bring a claim against the estate, in effect against the children to benefit from the policy.”

Ridley & Hall has an experienced Wills & Probate team who specialise in making Wills, probate and estate administration, trusts, powers of attorney and care fee planning. Please contact us on 01484 538421 or by e-mail to make an appointment.