Legal Articles

Willing your bike – Introduction

Only about 1 in 3 of us make a will. The rest die “intestate” (or, as one old lady client of mine once put it, “intesticled”). There is always a natural reluctance to face the inevitable and the duty to leave our affairs “in order”. Some people feel that it’s tempting Providence. Others feel that a Will is only for the well heeled or that it’s something that can be done “tomorrow”. Yet, a well drafted and thought out document can save our family and friends so much aggro .

Why Make one?
Whatever you own, bikes galore or bikes plus house and building society account, making a Will is the only absolutely sure way of ensuring who gets what following your final journey. Additionally, for those with even a modest house in the London area, you will probably find that Inheritance Tax (at an obscene rate of 40%) is payable on your assets over £275000 (current figure). Suppose, together with your house worth say £290,000, you have bikes and savings worth £40,000, the amount going to our friend the Chancellor would be £22,000. A little tax planning and a properly drawn Will can avoid that situation.

What if I Don’t Make One?
Apart from tax advantages, if you die “intestate”, it is Parliament made rules (the Intestacy Rules 1987) that say who gets your dosh. If you’re married with kids, your wife would get only a small proportion. Even more strikingly, if you are cohabiting your “partner” would get zilch –“partners” are simply not recognised under these rules. Nor, for example, are stepchildren. They may be able to “make a claim” on your estate in certain circumstances but that can be extremely messy and costly. Making a Will creates certainty. You can meet your Maker in the sure knowledge that your loved ones are properly provided for.

Can I make a Will myself?
Of course, it’s a free country. Many do and get it right. But many get it wrong. Having a badly drafted will can be almost as bad as not having one at all. Take the title of this short article for example. Suppose you have more than one pal called Jake! Suppose that the motorcycle you own at the time you made your will is different from the one at the time of death. In those circumstances there is no guarantee that your wishes will be honoured. Add to all of that the fact that a Will must comply with the formalities of Section 9 Wills Act 1837 (ie normally be in writing, signed and witnessed in defined ways), and you will see the room for error. A professionally drawn Will, normally costs from about £80 for a simple one¬. A complex one can cost considerably more but that is usually when there is detailed tax planning.

HEALTH WARNING
This information is given in good faith. However, neither Bikers Advice nor its servants or agents can be responsible for any inaccuracies. Every case in different and the law can change. Always obtain professional advice in your particular case.

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