Making a Will, and being sure people know where to find it, is the first step to making sure that your estate is shared out as you want it to be when you die. In addition, forward planning and a competently drawn up Will may reduce the amount of tax payable on any inheritance.
If you do not leave a Will your estate will be shared out among your next of kin according to a strict order of priority called the ‘rules of intestacy’. This means that people you want to bequeath to or benefit from your estate, such as a partner you’re not married to, might get nothing. A Will also allows you to make provision and arrangements for children who still require care in the event that either one or both parents die. If you already have a Will but your circumstances have changed it is important that you make a new Will to ensure that your money and possessions are distributed according to your wishes.
Important examples of such circumstances are:
- If you have separated and your ex-partner now lives with someone else;
- If you remarry or enter into a new civil partnership any Will you made during your previous marriage/civil partnership is deemed invalid;
- If you are going through a divorce your spouse will still be next of kin and entitled to all your assets in the event of your death. The only way to avoid this is to draw up a Will, even if it only a temporary one until the divorce is finalised;
- If you own property jointly and, in the event of your death, you wish your half to pass to someone other than the joint owner an appropriately drafted Will can ensure that you ‘sever the joint tenancy’ to change the type of joint ownership you have to tenants-in-common. This will allow your share to pass to whomever you choose.
If you require any further information about making a will then please do not hesitate to call us on (020)73178930 or email email@example.com