Will your children inherit your estate?

Dementia has now overtaken heart-disease as a leading cause of death in England and Wales, with more people being diagnosed with the condition than ever before.

A lingering question at the back of everyone’s mind tends to be “What happens when I die and who will I leave my estate to?”

Restauranteur and TV chef Gordon Ramsay has never been one to shy away from expressing his feelings and has recently spoken in an interview, admitting his fortune will not be left to his four children in his Will.  

Ramsay went onto say that he believes if his children haven’t worked hard enough to ‘travel in style’, then they don’t deserve to do so. He stated: “They don’t sit with us in first class. They haven’t worked anywhere near hard enough to afford that.”

He explains how his children individually have already set out different career paths. But wherever or however far their career takes them, they will have to make their own way in life, as Ramsay has no intention of leaving his fortune to them in his Wills.

Over recent years we have seen a trend in people leaving a share of their assets to their grandchildren, rather than everything going to their children. The reasoning behind this is they believe their children don’t necessarily need the inheritance, much like Ramsay’s thoughts, and their grandchildren will have a better need for the money. If grandchildren do inherit money and/or property, or any other assets, it is held in trust until they attain a specified age so that it is not spent unwisely.

When it comes to making a Will, it can be as simple or complicated as your needs dictate. Some people have simple Wills which leave everything to a spouse, others leave assets within trusts to protect them for future generations and to protect against rising care fees or a surviving spouse remarries. Some people’s circumstances mean that they have children and stepchildren and they want to provide for these in different ways. Whichever way the Will is written it is essential to ensure that a Will is in place.

Many people write a Will but then forget to review it when changes in their circumstances occur. Separation or divorce, moving house, someone named in your Will dies or becomes bankrupt are all reasons to review your Will.

If you have queries about making Wills then contact Lauren Smith – Partner and Head of Wills, Trusts and Probate on 0114 272 1884 or email lauren@taylorbracewell.co.uk .