Make a will and dodge an avoidable tax bill

Couples are urged to make sure they have a will after millionaire comedian Rik Mayall died without a valid will, leaving his wife with only a part share of his estate and his children with a tax bill.

Under the law, dying intestate - that is dying without a valid will - means your estate may be subject to a punishing tax bill, resulting in your children having to pay 40% tax on everything passing to them above the £325,000 inheritance tax threshold.

Dying intestate may also mean your husband, wife or civil partner may not receive everything you strived to make while you were alive - purely because you did not make a will.

Plus the taxman could take a slice of anything passing to the children.

Mayall, 56, star of The Young Ones and Bottom, died in June last year after a heart attack outside his London home, leaving behind his wife of 29 years and three children.

Gary Rycroft, solicitor and member of the Law Society's Wills committee, said couples should ensure they have a valid will to best structure the passing on of their estate and make the most of the available inheritance tax allowances.

"This is another sad example of what happens when you fail to plan for the future," said Gary.

"Simply making a will can ensure your loved ones do not have to pay inheritance tax if one of you dies.

"Under UK law, if one person dies, their estate automatically transfers to their spouse or civil partner and there is no chance of the Government getting its hands on money and assets you have worked all your life to secure.

"If you are married or in a civil partnership and do not leave a valid will the first £250,000 in your estate passes to your spouse or partner, the rest is split half to your spouse or partner and half to the children.

"Assets passing to a spouse or civil partner are not liable to inheritance tax, assets passing to children are liable, subject to any allowance available"

"The message is clear, speak to a solicitor and make a will sooner rather than later."

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