When Theres A Will Theres A Way

If you fail to construct a will, then who determines who gets what? It wont go the way you would have chosen. To make sure your desires are followed, you need to build a will.

If you pass away without without leaving your will in trust it’s the law that decides how your property is divided. The intestacy rules are applied and it could not be what you’d have expected or wished.

If your currently married or have a civil partner but no offspring and your property is valued at a set amount or under then your partner would receive the entirety of the property including any life assurance . If the property is worth at more than this threshold and you have surviving relatives, your spouse would still receive this amount, plus half of the excess. There exists an order in which family will inherit, with existing parents situated at the top of the list, followed by siblings and so on.

Should you have a spouse and children then your spouse will receive the set amount as above and half of the excess. The offspring will receive half of the amount over the excess right away and the remaining half on the passing of your partner.

If you have offspring but no lawful spouse, then your children would divide the inheritance. This might not be at all what you would have wanted. You could have a companion who depends on you and who you would have wished to get at least part of your estate, who’d get nothing.

To remove all potential doubt about your estate, however straightforward it may appear, you should write a last will and testament. There are several ways to do this. You could write it on your own or hire a trained will writer or a solicitor.

Often people build their own last will and testament, commonly using a template which you can obtain from the post office. Take care if you proceed down this path – it’s deceptively simple to make an error and you could potentially make it void. The cost of having a will written, particularly a comparatively straightforward one, is not exorbitant and you can be assured that your wishes will be fulfilled.

A skilled will agent or a solicitor will be experienced with processing all types of questions and will be able to aid you. There could be questions about setting up trusts and maybe inheritance tax.
Having drawn up your will, it’s a wise idea to reassess it from time to time, as circumstances change. If you conclude to alter it, then it is probably better to revoke your previous one and have it redone. If the alterations are minimal, it might be easier to construct a codicil to make a part of the will and to be read in association with it. Any codicil will have to be drawn up in the same fashion as the will in relevance signatures and witnesses.

Please be aware that any medical insurance will terminate on the death of the will holder and no value will be attributed to It in the will.