Wills & Probate
Wills
Why should you make a Will? Well, you may wish to plan effectively to reduce the incidence of any Inheritance Tax which may become due. You may wish to appoint a guardian to look after any children, or ensure your assets are correctly and legally placed into trust for the benefit of your children when they grow up. Most importantly, it is the only way you can direct what shall happen to your assets when you die. It is the only way you can be reasonably certain who gets what and when.
If you don't make a Will, when you pass away you will be said to have died Intestate and then all your estate (all your assets) will be shared out in accordance with the Intestacy Rules. As a guide they are as follows:-
If at the time of your death you were married and your net estate is less than £125,000 then your husband/wife will receive everything. If it is more than £125,000 and you had no other surviving relative your husband/wife will still receive it all.
If you were married, had children and your net estate is less than £125,000 then again your husband/wife gets everything, but if it is more than £125,000 your husband/wife will receive the first £125,000 and a then have a right to receive the interest on half the remainder every year for the rest of their lives, but will not be able to actually have the remainder as a lump sum. That is called a life interest. The other half of the remainder will be shared between your children, with your children eventually becoming entiteld to the life interest capital amoutn when your husband/wife passes away. Should any of your children die before you leaving children of their own, then they would be entitled to the share their parent would otherwise have taken.
If you pass away leaving a husband / wife without leaving children, but leaving other relatives then if your net estate is less than £200,000 your husband / wife receives it all, but if it is more than £200,000 then your husband / wife will receive the first £200,000, and then half of any remainder. The other half of the remainder will be shared between your relatives in an order of priority:- (1) parents, (2) brothers/sisters, (3) half brothers/sisters (4) grandparents, (5) aunts/uncles, (6) spouses of aunts/uncles.
If you are not married but do leave children your net estate will be shared between the children, and if they die before you then their children will inherit their share.
If you are not married, have no children, but you do have parents or have had brothers, sisters, grandparents, aunts, or uncles then your net estate will be shared equally between them in an order of priority:- (1) parents, (2) brothers/sisters, (3) half brothers/sisters (4) grandparents, (5) aunts/uncles, (6) spouses of aunts/uncles. If any of them have died before you but have left children alive at your death then the children will take their parent's share.
If you are not married, and have no other relatives then your net estate will go the Crown
The Intestacy Rules do not recognise "common law" partners, and the definition of "children" includes natural ,adopted and illegitimate children, but excludes step-children.
Did you know:
· a Will becomes invalid when you marry, unless it is stated in the Will it is made in contemplation of marriage.
· you should revise your Will if you divorce.
· we can draw simple Wills for less than £100 and if your husband/wife has an identical mirror Will charge only half for the second Will.
· some Wills are drawn by non qualified Will writers with little experience. Don't take chances have a solicitor do it - the cost is usually the same, and we don't try to sell you any insurance related products either.
· we will advise you on strategies to avoid the possibilities of any future claims against your estate.
· we will keep your Will in our fire proof safe custody free of charge - for ever.
Enquiries - email john@clarkwillis.co.uk
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