When Theres A Will Theres A Way
If you choose not to construct a will, then who decides who gets what? It will not turn out the way you would have liked. To ensure your wishes are followed, you should to make a will.
If you perish without making a will it’s the courts that dictates how your property is distributed. The intestacy laws are applied and it will not be how you will have hoped or wished.
If your currently married or have a civil partner but are without children and your property is valued at a predefined amount or under then your legal partner will get the whole of the assets including any life assurance cover . If the assets is worth above this amount and you have surviving family, your partner would still get this amount, in addition to 50% of the surplus. There is an order in which family would inherit, with existing parents positioned at the top of the list, followed by siblings and so on.
If you have a civil partner and children then your partner would receive the predefined amount as above and half of the excess. The children will inherit half of the sum over the threshold immediately and the remaining half on the death of your partner.
If you have children but no lawful spouse, then your offspring would divide the estate. This may not be at all what you would have hoped. You could have a partner who depends on you and who you might have intended to obtain at least share of your property, who would receive nothing.
To eschew all possible doubt about your assets, however simple it may seem, it would be wise to construct a last will and testament. There are many ways to do this. You may construct it on your own or use a trained will writer or a solicitor.
Many people make their own will, generally using a form which can obtain from stationers. Take care if you go down this path – it’s very easy to make an error and you could even make it invalid. The cost of having a will made, especially a relatively basic one, is not excessive and you can be sure that your intentions will be carried out.
A trained will writer or a solicitor will be used to processing all forms of questions and will be able to aid you. There could be enquiries regarding setting up trust funds and maybe inheritance tax.
Now you’ve constructed your will, it’s a wise decision to review it periodically, as your situation changes. If you decide to amend it, then it is a smart move to revoke your earlier one and have it remade. If the changes are small, it may be easier to construct a codicil to make a section of the last will and testament and to be read in partnership with it. Any codicil will have to be written in the same fashion as the will in relevance 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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