Secure The Children In The Event Of Death
If you choose not to construct a will, then who determines who receives what? Things wont go the way you would have preferred. To make sure your wishes are adhered to, you should to make a last will and testament.
If you pass away without creating a will it’s the state that determines how your assets is distributed. The intestacy rules will be used and it could not be what you will have hoped or wished.
If your legally married or have a civil partner but are without children and your property is valued at a set threshold or under then your spouse would get the entirety of the assets including any life assurance . If the assets is valued above this amount and you have surviving family, your partner will still get this figure, in addition to 50% of the remainder. There is an priority in which relatives will inherit, with surviving parents positioned at the head of the list, followed by siblings and so on.
Should you have a lawful partner and offspring then your spouse would gain the specific amount as above and 50% of the excess. The children would inherit half of the total over the excess right away and the other half on the death of your spouse.
Should you have offspring but no legal partner, then your children would share the estate. This may not be as you’d have wished. You could have a companion who depends on you and who you might have wished to get at least part of your estate, who would get nothing.
To avoid all potential doubt about your property, however straightforward it may seem, it would be prudent to draw up a will. There are many options for this. You may write it on your own or hire a professional will agent or a solicitor.
Many people construct their own last will and testament, generally using a template which you can obtain from the post office. Caution is advised if you proceed down this path – it’s deceptively simple to make a mistake and you could potentially make it invalid. The expense of having a will constructed, particularly a comparatively basic one, is not prohibitive and you can be assured that your intentions will be carried out.
A trained will service or a solicitor will be experienced with processing all types of enquiries and will be able to aid you. There could be queries regarding setting up trusts and maybe taxes.
Now you’ve made your will, it’s a prudent decision to review it on occasion, as circumstances change. If you decide to change it, then it is probably better to nullify your existing one and have it redone. If the alterations are minimal, it may be more straight forward to make a codicil to form a section of the will and to be used in partnership with it. Any codicil will have to be made in the same method as the will in regards to 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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