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It is the wish of most parents to be able to pass on to their children, not only a legacy of good ethics and character, but also the product of their own work and ingenuity in the form of cash and/or assets.

You may be aware that there is no inheritance tax charge on an estate that passes between spouses at death.

In order for the spouse to benefit fully, there must be a legal will in place, but when a bequest is made to others, there is a 40% tax charge on everything in excess of the nil rate band (£325,000 in tax year 2011/12).

Estate planning is a key part of our advice process and through careful planning we aim to mitigate the effects of this unloved tax, and ensure that the right money is put in the right hands at the right time.

Intestacy

Many people believe they don't have enough money to worry about making a will, others assume that their estate will pass automatically to their spouse, and then on to their children. This is not the case.

There are specific rules that apply if a person dies without having made a legal will. According to the HMRC Web Site

• If the estate is in England & Wales
• Where there is a surviving spouse or civil partner
• Where there are children or remoter issue of the deceased
• The surviving spouse or civil partner receives the chattels, a statutory legacy of £250,000 (£125,000 if the death was before 1 February 2009) and a life interest in half of the residue
• The children receive the other half of the residue in equal shares. If any of the deceased's children have died leaving issue, then the issue will receive their parents' share per stirpes

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Note - If the estate is less than £250,000 (£125,000 if the death was before 1 February 2009), the deceased's surviving spouse or civil partner will receive the whole of the estate.

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Not making a will often leads to shock and confusion for loved ones at a time when emotions are running high. Making a will means that, even in death, you can ensure the well-being of the people you love, and make sure your wishes are taken into account.

Estate Planning is not regulated by the Financial Services Authority