Making a Will

Arnold Israel, Estate Planning Partner at Solicitors Israel Strange & Conlon, sets out a six-point plan to making a Will.
Arnold can be contacted on: 020-7833 8453.
E-mail: arnoldisrael@isclawyers.co.uk

There are many reasons to make a will. Perhaps the most important are the following:

• It does, of course, enable you to ensure your estate is distributed according to your wishes

• You can choose the right executors, whether family, professionals or friends, or a combination of these categories, to administer your estate after your death

• You avoid the intestacy rules, which apply when a person dies without leaving a will and which often result in the estate being distributed in a way that a person would not have wanted. This is particularly true when a spouse and children are left and the estate is of significant size, as the intestacy rules produce a very complex and inconvenient result, If, sadly, there are children under 18 who cannot consent to any rearrangement of the estate, the position is even worse, as the intestacy rules may trigger an inheritance tax liability which cannot then be avoided by a deed of variation.

• It enables assets to be put into trust for disabled beneficiaries to protect their entitlement to state benefits, or for financially vulnerable beneficiaries who might dissipate their inheritance unwisely

• A tax-efficient will is the first essential when planning to mitigate inheritance tax, particularly for married couples.

With increases in house prices, even couples who regard themselves as of comparatively modest means may leave their children with an inheritance tax bill which is larger than necessary - perhaps by as much as £100,000 - if there are no tax-efficient wills in place

• And last but not least, a will enables you to benefit the charities of your choice.

This is where the Jewish Charity Guide becomes so useful; in order to be quite certain not only that your wishes are put into effect, but that the organisations you wish to benefit are indeed UK registered charities - as it is only they who can benefit from the inheritance tax exemption for charitable legacies. It is important to identify the charity correctly to avoid confusion. If possible, specify the charity registration number in the will itself to put the matter beyond any doubt at all.

For some years now it has been my standard practice, when preparing wills for clients who wish to benefit Jewish charities, to refer to the current Jewish Charity Guide for the up-to-date title, address and charity registration number in each case. I believe this is the practice of many solicitors and I would strongly recommend it, both to solicitors and to their clients.