If you fail to write a will, then who concludes who gets what? It may not go the way you would have preferred. To make sure your desires are followed, you need to construct a last will and testament.
If you perish without creating a will it’s the law that dictates how your property is distributed. The intestacy rules will be used and it may not be what you’d have expected or wanted.
If you are legally married or have a civil partner but no children and your estate is worth a set figure or under then your civil partner will get the whole of the estate including any life assurance . If the property is worth above this amount and you have surviving relatives, your partner will still receive this figure, plus half of the remainder. There exists an order in which family will inherit, with surviving parents positioned at the top of the list, followed by siblings and so on.
If you have a civil partner and children then your spouse would gain the set amount as above and half of the remainder. The offspring will receive 50% of the amount over the threshold right away and the other half on the death of your spouse.
If you have offspring but no legal spouse, then your children would divide the inheritance. This might not be as you’d have hoped. You could have a companion who relies on you and who you might have wanted to inherit at least a proportion of your assets, who’d receive nothing.
To remove all possible apprehension about your property, regardless of how straightforward it may seem, it would be wise to make a will. There are various options for this. You could write it yourself or use a professional will writer or a solicitor.
Often people build their own last will and testament, generally using a template which you can buy from the post office. Take care should you go along this path – it’s surprisingly easy to make a mistake and you could even find it void. The price of having a will made, particularly a relatively simple one, is not restrictive and you can be sure that your desires will be carried out.
A professional will service or a solicitor will be used to dealing with all types of questions and will be able to assist you. There could be enquiries to do with setting up trusts and perhaps taxes.
Now you’ve drawn up your last will and testament, it’s a prudent decision to review it on occasion, as circumstances change. If you decide to change it, then it’s a smart move to revoke your previous one and have it re-written. If the changes are minor, it may be more straight forward to make a codicil to form a section of the last will and testament and to be read in association with it. Any codicil will have to be constructed in the same fashion as the will in regards to 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.
