Most people pass away without a Will and the statutory law (the Intestacy Rules) will determine who inherits their Estate. By completing a Will you retain choice and control over your Estate.
Under the Intestacy Rules:
• Spouses do not automatically receive 100% of your Estate.
• Marriage revokes former Wills and the Intestacy Rules apply.
• Children may not inherit.
• Unmarried partners do not inherit.
• No living relatives? Your Estate could pass to the State. If you make a Will you can choose to give your Estate to Charity/ friends.
A Will makes it easier and cheaper for your Estate to be administered. There will be clear instructions as to what your wishes are and it will lower the risk of claims against your Estate.
Your Will can include:
• Who you want to be responsible for administering your Estate and implementing your Will
• Gifts
• Funeral wishes
• Guardians for your children under 18, and financial arrangements for them.
• Inheritance Tax planning which can potentially reduce the inheritance tax liability.
If you have a Will it is important it is kept up to date. Look at it annually and at major life events.
It is tempting to put off doing or updating a Will but when it has been completed the vast majority of our clients achieve a peace of mind which is invaluable.
If you would like to make a Will or review an old one please contact us and we will be happy to advise and assist.