Take careful legal advice when preparing your Will
5th Jan 2012
John Robertson explains the importance of taking careful legal advice when preparing your Will….
A recent case involving a church bishop has highlighted the importance of taking careful legal advice when drawing up your Will so that the full implication of the gifts you make can be considered.
Along with making her Will, June Robertson Rodger left a letter of wishes which included a wish to leave a particular vase to her niece Jennifer Watson. The gift was not included in the body of the Will itself, it was only included within the letter of wishes.
Following the estate being valued it was established that the vase in question was a very valuable Chinese antique, which experts believed would be worth many millions of pounds. As a result it would be necessary to pay inheritance tax on this item at 40% as the value would exceed the tax free limit of the deceased’s estate.
Due to the fact that the vase was not included as a specific gift in the Will it fell to the discretion of the Executors of the Will to decide whether to make the gift or not. The Executors, including the Bishop of Grimsby, a relative and one of the beneficiaries of the estate, took the view that it was not possible to carry out the gift as the estate would then be left having to foot the bill for the inheritance tax on the vase and they would not be in a position to sell the said vase to raise the monies, the result of which would have a seriously damaging effect on the remaining estate.
This decision left Mrs Watson, the beneficiaries niece, without the vase that her aunt had always indicated she wanted her to have and due to the fact that the vase was not a specific gift in the Will, it was not possible for her to enforce her Aunt’s letter of wishes. An agreement was eventually reached between the family members to avoid any on going disputes.
The Vase in question was sold in November this year for £9 million.
If you haven’t considered the implications and enforceability of the gifts that you wish to leave, taking legal advice will help protect your assets and avoid complications for your loved ones.
BHP can help you ensure that your possessions and investments go to the right people, and that your wishes are put into effect.
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