Secure The Children In The Event Of Death
If you choose not to make a will, then who determines who acquires what? It wont proceed how you would have intended. To ensure your desires are followed, you should to build a will.
If you perish without writing a will it’s the crown that determines how your estate is divided. The intestacy rules are applied and it will not be how you’d have expected or wished.
If you are legally married or have a civil partner but no offspring and your assets is valued at a predefined amount or less then your spouse would get the total of the property including any life assurance cover . If the assets is worth at more than this figure and you have existing family, your partner would still get this figure, plus half of the surplus. There is an priority in which family will inherit, with existing parents situated at the top of the list, followed by siblings and so on.
If you have a civil partner and children then your spouse would receive the specific amount as above and half of the excess. The offspring will receive half of the amount over the set amount right away and the other half on the passing of your partner.
If you have children but no lawful spouse, then your children would share the inheritance. This could not be at all what you would have wanted. You might have a partner who depends on you and who you would have wished to receive at least part of your estate, who would get nothing.
To avoid all possible doubt about your property, however basic it may seem, it would be wise to draw up a last will and testament. There are various options for this. You could make it on your own or use a skilled will service or a solicitor.
Many people build their own last will and testament, commonly using a form which you can obtain from the post office. Caution is advised if you proceed down this route – it’s surprisingly simple to make an error and you could even make it void. The cost of having a will constructed, especially a comparatively straightforward one, is not prohibitive and you can be definite that your intentions will be realised.
A professional will service or a solicitor will be experienced with handling all forms of queries and will be able to aid you. There could be enquiries to do with setting up trust funds and perhaps taxes.
Having drawn up your last will and testament, it’s a sensible idea to review it on occasion, as your situation changes. If you resolve to change it, then it is probably better to nullify your earlier one and have it redone. If the changes are minor, it may be more straight forward to make a codicil to make a section of the will and to be read in partnership with it. Any codicil will have to be written in the same fashion 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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