Your Argyle Financial Bulletin for November 2015
Dear Client,
Why making a will makes sense.
Ashridge House was established in 1275 as a monastery for Grey Monks. At one time the home of the Earl of Bridgewater (who famously established our canal system) it ceased to be a private dwelling on the death of the third Earl of Brownlow in 1921 and upon the Earl’s death, was put up for sale to meet the crippling cost of death duties. Thankfully, the lobbying of some local luminaries prevented the break-up of the estate, with the house eventually being purchased by the Conservative Party (who used it to establish the Bonar Law College) with the surrounding 4000 acres being acquired by the National Trust. How a will protects your wishesOur own home and business premises are situated within this National Trust land and thus, we are often reminded of the good fortune which has kept the estate intact, as the Brownlow family would have wished. However, we are prompted to recount this potted history by the difficult circumstances pertaining to some Argyle clients, who sadly died recently without having made a Will. As individuals we cannot rely on good fortune coming to our aid, should the Inland Revenue seize our estates as a consequence of not putting an appropriate Will in place which provides clear instruction regarding our wishes and nominated beneficiaries. Dying intestateAn astonishingly large number of people still do not have a Will… presumably because none of us wish to think about dying… or perhaps because we assume that everything will seamlessly pass to our spouse, partner or children. If you die without a Will you are deemed to have died "intestate" and your estate is thereupon distributed according to the rules of Intestacy, which are quite complex and may not necessarily be in accordance with your wishes. You can of course attempt to write a Will yourself, but we strongly recommend you take appropriate advice, so that issues such as Inheritance Tax and the establishing of Trusts can be properly considered. It may also be prudent to review your existing arrangements, particularly if they were made some considerable time ago. Please do not hesitate to get in touch if you would like to discuss this matter further, as we will be only too glad to help. It might be a phone call which makes a world of difference to the fortunes of your dependents!
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