Shielding The Family Making A Will
If you choose not to draw up a last will and testament, then who concludes who gets what? It wont proceed how you would have preferred. To make sure your wishes are fulfilled, you need to construct a last will and testament.
If you die without without writing your last will and testament it’s the law that determines how your estate is divided. The intestacy laws are applied and it will not be what you will have hoped or wanted.
If your legally married or have a civil partner but no offspring and your assets is worth a specific amount or less then your spouse will receive the total of the estate including any life insurance cover . If the assets is worth at more than this figure and you have surviving relatives, your partner will still get this figure, in addition to half of the remainder. There is an order in which family will inherit, with existing parents being at the start of the list, followed by siblings and so on.
Should you have a civil partner and children then your spouse will gain the predefined amount as above and half of the remainder. The children will receive half of the total over the excess right away and the other 50% on the passing of your spouse.
If you have children but no lawful spouse, then your children would divide the estate. This might not be at all what you’d have wanted. You could have a partner who relies on you and who you will have wanted to inherit at least share of your property, who would get nothing.
To remove all potential doubt about your assets, regardless of how straightforward it may seem, you should make a will. There are various ways to do this. You could construct it yourself or hire a trained will agent or a solicitor.
Often people construct their own last will and testament, mostly using a template which you can acquire from the post office. Be wary if you go along this route – it’s deceptively simple to make a mistake and you could even find it invalid. The expense of having a will written, particularly a comparatively basic one, is not prohibitive and you can be assured that your intentions will be carried out.
A skilled will company or a solicitor will be used to dealing with all forms of queries and will be able to help you. There could be enquiries to do with setting up trusts and maybe inheritance tax.
Having written your will, it’s a wise decision to inspect it from time to time, as your situation changes. If you resolve to change it, then it’s sensible to nullify your previous one and have it redone. If the changes are minor, it could be easier to construct a codicil to form a part of the last will and testament and to be read in conjunction with it. Any codicil will have to be made in the same fashion as the will in relevance signatures and witnesses.
Please be aware that any health insurance cover will terminate on the death of the will holder and no value will be attributed to It in the will.
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