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Why You Need A Will
Every thirty five minutes somebody dies from an unexpected accident. Sadly approximately 70% of people die intestate i.e. without a Will, and thereby condemn their family to months possibly years of distress and hardship.
Without a Will the Law of Intestacy applies which is a general set of rules applied indiscriminately. They are unlikely to reflect individual circumstances and regardless, beneficiaries may not be able to access money from the estate for some time. This is a perfect recipe for arguments and unnecessary strife.
These are the main points that people need to be aware of :
Spouses/Civil Partners do not necessarily receive everything. Others may have a claim, often children have a right to part of the estate including the right to enforce the sale of the family home to realise their inheritance. This is crucial to understand especially if you or your partner have children from a previous relationship.
Living With Someone does not automatically entitle them to inherit anything. They may be treated as a single person and receive nothing.
Orphaned children will pass into the care of social services who will decide their future guardians including foster parents.
Disabled /Special Needs beneficiaries could well be best served by having their inheritance passed into Trust otherwise it could affect their entitlement to state benefit.
Inheritance Tax legislation demands that everybody makes a will as without one an individual’s tax allowance can be wasted which could cost their family thousands in unnecessary tax.
Long Term Care Fees can be crippling for families. Indeed approximately 70,000 homes are sold per year to pay for them. A Protective Property Trust Will can protect at least half of your home in these circumstances.
Probate which applies to all estates over £5,000 will often take longer and cost more.
Writing a Will is a purely noble act, done only for the benefit of your loved ones. Modern estates can easily run to hundreds of thousands of pounds and take many months to execute. The consequences of intestacy for the deceased’s family can be horrendous and so easily avoided by simply taking the time to write a Will. Our experience is that most people feel very relieved and reassured after completing this vital job.
Your Will – Things To Consider
Appointing Executors – You must appoint one or more executors to carry out the wishes of the Will. They can be beneficiaries, however depending on the complexity and size of the estate it may be worthwhile considering professional advisers to guide your family. The grip of Inheritance Tax on many homeowners means mistakes can cost a lot of money in unnecessary tax.
Appointing Guardians – One of the most important considerations is the ongoing care of minor children. The guardians are the people who assume full legal responsibility for your children but they are not responsible for assets left to young children. This is the job of the executor who becomes trustee of the funds. Guardians and Executors can be the same person. This crucial subject is discussed in greater detail further along in this booklet.
Dividing Your Estate – Who would you like to inherit from you and in what percentages? Would you like to leave any individual sums of money (legacies) or individual items (gifts) to anyone? Gifts and legacies are paid out first from your estate and the remainder is known as the Residuary Estate which is divided amongst named beneficiaries in designated shares.
Common Will Questions
Do I need to worry about taxes on my death? If your estate totals more than £325,000* (including the family home) than anything above this amount is taxable at 40%. However there are certain exemptions for which you may qualify.
What happens if my spouse remarries (new partner) after my death? Marriage or Civil Partnership automatically revoke all former Wills. Consequently they need to make a new Will otherwise they run the risk of the estate they inherited from you passing to their new spouse/partner. This is an increasing common problem for families. Certain types of Trust Wills can offer security for the surviving spouse/partner whilst ensuring assets must ultimately pass to specified beneficiaries. Our consultant will be happy to explain some options here.
How often should my Will be reviewed? Your Will definitely needs revising whenever there have been significant changes in your life e.g births, deaths, house move, marriage, divorce, disability etc However legislation also changes and your Will needs to reflect this. Consequently it is advisable to reassess it every few years.
I was divorced recently, how do I ensure that my ex-spouse does not receive anything?
Whilst divorce automatically disinherits former spouses, the safest way to ensure this is to make a new Will.
My wife and I are separated – do I need to change my Will?
Only if your wishes have changed, but definitely review it immediately.