Guide to types of wills
An overview of the types of wills available in England & WalesRead more
A will is a legal document which takes effect on your death and enables you to make decisions about your property and belongings. It is a common myth that your spouse or partner will automatically inherit your estate should you die, whereas in reality, this is only the case if your estate is under a certain value or if you have no other relatives who survive you.
If you die without having made a will then the rules of intestacy apply to determine who benefits from your estate. These rules are very restrictive and do not take personal relationships into account, which can be especially problematic if you have a partner but are not married.
A will can also be used to decide who deals with your estate (an executor) and who is to look after any children who are under the age of 18 (a guardian), on your death.
If your estate is over a certain value or if you have foreign, business or agricultural assets then a will can help to reduce the effects of inheritance tax.
When making a will, you need to consider the following:
There may well be other issues that you need to consider and we would guide you through the whole process. With second and subsequent marriages becoming more and more common, we appreciate that not everyone’s circumstances are straightforward and we always appreciate the need for sensitivity, whilst providing professional advice. A will can also ensure that your estate remains within your family, even if the surviving spouse goes on to remarry. A will can also help mitigate the effects of care fees if long term care becomes necessary. To ensure that your will is valid and considers all your needs and best interests, it should always be drafted or reviewed by a qualified legal practitioner.
We always advise our clients to review their wills every three to five years (or earlier if circumstances change). Some events such as marriage or divorce can have an effect on your will. The birth of a child, for example, may effect your wishes and so it is important to review your will regularly.
For asstance with writing your will, call us on 01332 226 162 or fill in the form below.
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