Protect The Little Ones In Your Will
If you fail to write a last will and testament, then who determines who gets what? It will not turn out the way you would have chosen. To be sure your desires are followed, you should to draw up a will.
If you perish without writing a will it’s the crown that decides how your estate is divided. The intestacy laws will be used and it could not be what you’d have expected or wanted.
If your legally married or have a civil partner but no offspring and your property is worth a specific amount or under then your spouse will receive the whole of the estate including any life insurance cover . If the estate is worth greater than this threshold and you have surviving family, your spouse would still receive this amount, in addition to half of the surplus. There is an priority in which family will inherit, with surviving parents positioned at the start of the list, followed by brothers and sisters and so on.
Should you have a spouse and offspring then your spouse would gain the set amount as above and half of the remainder. The offspring would inherit 50% of the amount over the set amount right away and the remaining half on the death of your partner.
Should you have offspring but no lawful partner, then your offspring would share the inheritance. This could not be as you would have wished. You could have a partner who depends on you and who you will have wanted to receive at least share of your assets, who would receive nothing.
To eschew all potential doubt about your property, however simple it may appear, it would be wise to construct a will. There are many ways to do this. You could build it on your own or use a trained will writer or a solicitor.
Often people construct their own will, mostly using a template which you can buy from the post office. Caution is advised should you proceed down this path – it’s very easy to make a mistake and you could potentially find it void. The expense of having a will drawn up, particularly a relatively straightforward one, is not prohibitive and you can be definite that your wishes will be realised.
A skilled will service or a solicitor will be experienced with processing all forms of queries and will be able to help you. You might have questions regarding starting trusts and perhaps taxes.
Having made your last will and testament, it’s a wise decision to review it from time to time, as your situation changes. If you decide to change it, then it’s prudent to nullify your previous one and have it remade. If the changes are small, it might be easier to make a codicil to make a section of the will and to be used in partnership with it. Any codicil will have to be made in the same fashion as the will in regards to signatures and witnesses.
Please be aware that any health insurance will terminate on the death of the will holder and no value will be attributed to It in the will.
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