In an article for eprivateclient on reports that Ricky Hatton died without a Will, leaving an estate valued at around £30 million, Senior Associate Natasha Southam explains why the assumption that a Will is not always necessary is a common misconception.
Natasha highlights the practical advantage a Will brings to estate administration: because the executors’ authority can be evidenced from the date of death, dealings with the court, HMRC and financial institutions are considerably more straightforward, even though a grant is still required to transfer assets to beneficiaries.
She also sets out how a Will allows the estate to be structured tax efficiently, so that beneficiaries can make full use of the available inheritance tax reliefs – the spousal exemption, business relief, charitable relief, and the nil rate and residence nil rate bands – a point that carries particular weight for high net worth estates.
To learn more, you can read the full article here.