Will Survivorship Clauses

During the pandemic, what was previously a rarity of couples or family members dying at the same time or shortly after each other, has sadly become more common.

Rowena Rogers, the Head of our Life Planning Department, has recently been helping a family in which the mother and father died just one day apart.  They had rather old-fashioned Wills which included survivorship clauses. This meant the gifts that the husband had made to his wife in his Will did not take effect because his wife died just one day later and did not survive him by the period stated in the Will. This could have caused big problems for the family in terms of use of inheritance tax allowances.  In some situations, it can also lead to assets passing to beneficiaries in a way that is not what was planned.

Rowena was able to help this family through the legal and tax implications with a favourable outcome. It is important to check if there is survivorship clause in your Will. Here’s a link to a recent article by Rowena explaining some of the issues with survivorship clauses.

Is there a survivorship clause in your Will. Do you really want one? – Guest Walker

If you would like more information or wish to review your Will please speak with one of our friendly Life Planning team on 01904 624903 who will be able to help.