Secure The Children In The Event Of Death

If you fail to write a will, then who decides who gets what? Often it will not proceed how you would have intended. To make sure your preferences are adhered to, you need to construct a will.

If you die without writing a will it’s the courts that decides how your estate is divided. The intestacy laws are used and it will not be how you’d have hoped or wanted.

If you are currently married or have a civil partner but are without offspring and your belongings is worth a predefined figure or less then your legal partner would get the entirety of the estate including any life insurance . If the estate is worth above this figure and you have existing relatives, your spouse would still get this figure, plus 50% of the excess. There is an order in which family will inherit, with existing parents situated at the start of the list, followed by brothers and sisters and so on.

Should you have a lawful partner and offspring then your spouse would gain the predefined amount as above and half of the remainder. The descendants would receive 50% of the total over the set amount immediately and the remaining half on the death of your partner.

If you have offspring but no legal partner, then your offspring would divide the estate. This could not be what you would have wished. You could have a companion who depends on you and who you might have wished to obtain at least part of your property, who’d get nothing.

To avoid all possible doubt about your assets, regardless of how simple it may seem, it would be prudent to construct a will. There are many options for this. You could write it on your own or use a professional will agent or a solicitor.

Many people write their own last will and testament, commonly using a form which you can obtain from the post office. Be wary if you go down this route – it’s deceptively easy to make a mistake and you could even find it invalid. The cost of having a will written, particularly a somewhat basic one, is not restrictive and you can be sure that your desires will be realised.

A trained will writer or a solicitor will be used to handling all forms of questions and will be able to help you. You might have queries to do with starting trust funds and perhaps inheritance tax.
Now you’ve drawn up your last will and testament, it’s a prudent idea to review it periodically, as your situation changes. If you resolve to amend it, then it’s sensible to revoke your previous one and have it re-written. If the alterations are small, it might be more straight forward to make a codicil to make a part of the last will and testament and to be read in association with it. Any codicil will have to be written in the same way as the will in relevance signatures and witnesses.

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

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