Some useful information

If some of your property is of a personal nature, i.e., a bank account or stocks and shares, and it is in the joint names of yourself and another, then, unless there is an agreement to the contrary, such property passes automatically to the survivor on your death. You will not be able to dispose of such property under your will.

In the case of immovable property (i.e., land) which is acquired in joint names, this will pass on your death according to the manner in which it is held. If you acquired your house jointly with your wife as `beneficial joint tenants' then on your death the title to the property passes automatically to your wife as surviving joint tenant. However, if your house is held by your wife and yourself as `tenants in common' then each of you is entitled quite independently to your share of the proceeds of sale. You are therefore free to dispose of your share by will as it does not pass automatically to the survivor. For more detailed information please refer to the Assets section of your will file.

There are, of course, numerous other ways in which you can make provision for your family independently of the provisions of your will. If you are a member of a company pension scheme, its rules may provide for a discretionary lump sum payment by the trustees on your death. Such payments do not form part of your estate and are therefore free of inheritance tax. You may request that the trustees pay all or part of such a lump sum to your children. This may enable you to leave your entire personal estate to your wife. Another way is for you to declare trusts of any insurance policies on your life for the benefit of your wife or children, although there could be an inheritance tax charge when the policies are put into trust. On your death the trustees can pay the monies directly to the beneficiaries and they will not form part of your estate. For more detailed information please refer to the Trust section of your will file.