Wills & Trusts
We have probably heard just about every reason possible as to why someone has not made a will, “I am too young”, “its tempting fate”, “it will be expensive” or “I do not think I need one”. After we have dispelled those myths by explaining the difficulties that will be caused without a will, our Clients go on to make their wills and often comment on how relieved they are the issue is finally out of the way and they do not need to think about it again for a while.
The fact is that without a will, your property and assets will pass to certain relatives in a set order, this may not be what you wanted. It is also not safe to assume that your husband, wife or civil partner will automatically receive everything, the law provides that without a will, if you have children, they receive the first £250,00 of your estate, they then receive only the interest from half of what is left, the remaining half goes to the children upon death and the second half when they subsequently die. You may feel that this would not be an issue as you would like your children to benefit but we have encountered many situations where the surviving spouse has need the money for their own needs and have often been left struggling when estranged children have taken the funds.
If you are cohabiting with someone, then without a will, they get nothing. We have dealt with too many situations where someone’s home has passed on intestacy to immediate family members and we have had to take Court proceedings to keep them in their home.
There are also situations where it is essential that a will is made to reduce the amount of inheritance tax that may have to be paid upon death. You will have worked hard to earn your money, the government will have taxed it as your earned it, don’t let them take 40% of it again unnecessarily upon death.