Over 2/3 of people in the UK have not made a Will. There is an assumption that all of the estate will automatically go to the next of kin which is not necessarily the case.
It is a good idea to make a Will or at least to seek advice to ensure that everything goes the way that you intend. We can in certain cases prepare a Will for free!
Let’s look at some common scenarios…
“I am in a relationship but not married”
Any assets which you own as joint tenants will automatically go to the survivor. Nothing else will unless you make a Will specifying that.
“I am married with children”
Any assets which you own as joint tenants will automatically go to the survivor. The first £250000 of the rest of the estate will pass to the surviving spouse together with your personal possessions. The rest will be split into two equal shares. One half will be placed into a Life Interest Trust for the spouse (the right to receive income but not the capital from the property) and the other half will go to your children upon reaching the age of 18.
“I am considering getting divorced”
Unless you do a Will; your spouse may become automatically entitled to a share of the estate. It is possible for us to sever any joint tenancy that you have to safeguard your investments.
“I am concerned about Nursing Home Fees. Everything is in the joint names of my spouse and I”
We can prepare Life Interest Trust Wills which can potentially safeguard half the value of your assets.
“I am single with children”
Whilst the whole of your estate (other than those assets held as joint tenants with another) would pass to your children under the intestacy rules, it is worth making a Will since you can appoint a Guardian.
“My children are disabled and/ or receiving benefits”
We can set up a Trust within your Will to help to support your children with the aim of retaining their benefits.
“I have children from a previous marriage and want to ensure that once my spouse dies, it goes to my children”
We can prepare a Trust so that your spouse has the right to continue to live in your property during his/ her lifetime and then on his/ her death for it to pass down your family line.