Having a valid Will in place is essential for anyone who wants their estate to be passed on in line with their wishes. If a person dies without a Will in England and Wales, their estate passes on in accordance with the intestacy rules – which could have unwanted or unfavourable consequences for the wider family.
The intestacy rules could see key family members or beneficiaries disinherited – or could, in some cases, even see a person’s entire estate pass to the Crown.
One key aspect of creating a Will that is particularly relevant relates to Goss-Custard v Templeman and the ‘Golden Rule’, which states “that the making of a will by an aged or seriously ill testator ought to be witnessed or approved by a medical practitioner who has satisfied himself of the capacity and understanding of the testator, and records and preserves his examination or findings.”
Lord Sydney Templeman was a former High Court judge who had presided over many notable cases, including Kenward V Adams, in which he established ‘the Golden Rule’
However, when Templeman died, his Will was tested against his own Golden Rule, which he had failed to follow. This left the Will open to the decision of the Court, while if he had followed his own rule, the Will would have been much more difficult to challenge.
Naturally, having a valid Will in place is of crucial importance – and this document also needs to be regularly reviewed to ensure that only the appropriate people will inherit in the event of your death and the devolution of your estate is as tax-efficient as possible.
By making a Will, individuals can ensure that:
- Their assets are passed on to those they want to benefit from their estate
- Inheritance Tax (IHT) is mitigated
- Vulnerable family members and friends are protected
- The likelihood of potential family conflicts is reduced
For help and advice on matters relating to making a Will, contact our expert team today.