‘To do’ lists always seem to be never ending………but somethings are so important that they need to be moved to the top!
Did you know that a staggering 58% of the adult population in the UK do not currently have a Will?
Making a Will is one of the most important things you can do for loved ones yet is seems to be one of those things people never get around to doing – it always seems to stay at the bottom of the ‘to do’ lists!
So, what happens if you die without a Will?
What happens to your house? Your money? Your belongings? Your Spouse/Partner? More importantly, what happens to your children?
Here are some scenarios to help you understand:
- Are you Married or in a Civil Partnership with children?
Your Spouse or Civil Partner will receive all of your personal possessions, the first £250,000 of your estate and half of the remaining. The other half will pass automatically to your children (on trust if they are under 18).
You might not think this is too bad but how much is your house worth? Plus, some life insurance, pensions, savings? This can quickly add up to £250,000 and could leave your Spouse with the house but no cash, some cash but no house or half a house with the other half being owned by your children (who may not be your Spouse’s children).
- Are you Married with no children?
Your Spouse will receive all personal possessions and the proceeds of your Estate.
This may be exactly how you would like your estate to be dealt with, that’s great! But what if you wanted a bit of money to go back to your parents, or those war medals your Grandfather gave you to be passed to your brother/sister instead?
- If you’re not married but do have children?
The law does nothing to protect your partner on your death and your children will receive your entire estate (on trust if they are under 18).
This could cause your partner a lot stress and heartache to be left with nothing (or just her half of your house). Imagine if your children were not your partner’s children and they now owned your half of your house together with your partner.
- If you are not married and have no children?
In this scenario, your estate will pass in a strict order ofrelatives:
- Surviving Parents; or
- Siblings, including half siblings; or
- Grandparents; or
- Uncles and Aunts, including half uncles and aunts.
IF NONE OF THESE RELATIVES EXIST, THEN YOUR ESTATE WILL PASS TO THE CROWN!
But all of this can be avoided by simply making your Will.
For something that can be dealt with within a couple of hours and at a relatively low cost why not protect what is yours and save your loved ones the stress.
Are you unsure about making your own Will? Would you like some professional advice?
If you are putting off writing your Will because you are unsure of how to go about it or can’t decide on the fine detail, then there is no need to worry. To provide you with peace of mind, you can discuss your situation and concerns with Trusted Law.
We will work with you to agree what is best for you both and your family. Everything we discuss will always be private and confidential, and you will never feel rushed or pressured.
Trusted Law offers convenient appointments in the comfort of your own home – including evenings and weekends! So it couldn’t be easier…..
To make your appointment, or for an informal chat, please feel free to contact us on 01953 711950 / 07972 212355 or via email at enquiries@trustedlaw.co.uk
Please note that this information is provided as a guide only and in accordance with the current laws as at the date of publishing.
About Trusted Law Ltd
Trusted Law (previously Trusted Wills & Probate Ltd) provides a wide range of services to protect your loved ones and your assets, providing you with much needed peace of mind.
Our team take the time to get to know you, your family and your wishes to ensure that we are providing you with the right service.
No matter how complicated your situation may be, we will work with you to find the right solution.
To read ’Our Story’ (explaining how Trusted Law was established) please click here.
If you would like to discover what our clients say about us, please feel free to read our client Testimonials.