It can lead to practical problems
for those you leave behind.
The Administration of Estates Act
1925 (as amended) will decide who gets your property and possessions, and that
may lead to costly legal disputes between relatives and alleged relatives.
It can mean that your assets are
divided up and dealt with in ways you never intended, possibly resulting in
hardship for your close family and benefiting those you may have not seen for
years.
Do not assume that your spouse will
inherit everything as a matter of course.
Any promises you make to members of
your family or friends are likely to be worthless unless they are included in
your Will.
Your personal representatives are
also chosen by fixed rules and the only powers they have are given by Acts of
Parliament passed years ago which are no longer adequate.
At last some good news from the Treasury concerning inheritance tax. However, despite the press headlines, the changes announced by the chancellor, Mr Darling, are more about the operation of the allowances than increasing them.
