If you fail to write a last will and testament, then who decides who receives what? Often it will not go the way you would have intended. To be positive your desires are fulfilled, you should to draw up a will.
Should you perish without creating a will it’s the state that dictates how your property is divided. The intestacy laws are applied and it could not be what you will have hoped or wished.
If your legally married or have a civil partner but no children and your property is valued at a predefined figure or less then your partner will get the total of the estate including any life assurance cover . If the property is valued above this figure and you have surviving relatives, your partner will still receive this amount, plus half of the remainder. There exists an order in which family would inherit, with existing parents positioned at the head of the list, followed by siblings and so on.
Should you have a spouse and offspring then your spouse will receive the set amount as above and half of the excess. The descendants would receive 50% of the total over the set amount right away and the remaining 50% on the death of your partner.
If you have offspring but no lawful partner, then your offspring would divide the estate. This could not be at all what you’d have wished. You could have a partner who relies on you and who you would have wished to obtain at least share of your assets, who’d get nothing.
To remove all potential doubt about your assets, however simple it may seem, you should draw up a will. There are many options for this. You could write it yourself or hire a professional will agent or a solicitor.
Often people make their own last will and testament, commonly using a template which can buy from the post office. Take care should you go along this route – it’s very simple to make a mistake and you could even find it void. The cost of having a will made, particularly a comparatively basic one, is not exorbitant and you can be sure that your desires will be realised.
A trained will agent or a solicitor will be used to processing all forms of queries and will be able to assist you. There could be questions to do with setting up trust funds and perhaps taxes.
Having constructed your will, it’s a prudent idea to inspect it on occasion, as your situation changes. If you resolve to alter it, then it’s a smart move to nullify your previous one and have it remade. If the changes are minimal, it might be easier to make a codicil to form a part of the will and to be read in association with it. Any codicil will have to be made in the same fashion as the will in regards to signatures and witnesses.
Please be aware that any health insurance will terminate on the death of the will holder and no value will be attributed to It in the will.
Should you perish without creating a will it’s the state that dictates how your property is divided. The intestacy laws are applied and it could not be what you will have hoped or wished.
If your legally married or have a civil partner but no children and your property is valued at a predefined figure or less then your partner will get the total of the estate including any life assurance cover . If the property is valued above this figure and you have surviving relatives, your partner will still receive this amount, plus half of the remainder. There exists an order in which family would inherit, with existing parents positioned at the head of the list, followed by siblings and so on.
Should you have a spouse and offspring then your spouse will receive the set amount as above and half of the excess. The descendants would receive 50% of the total over the set amount right away and the remaining 50% on the death of your partner.
If you have offspring but no lawful partner, then your offspring would divide the estate. This could not be at all what you’d have wished. You could have a partner who relies on you and who you would have wished to obtain at least share of your assets, who’d get nothing.
To remove all potential doubt about your assets, however simple it may seem, you should draw up a will. There are many options for this. You could write it yourself or hire a professional will agent or a solicitor.
Often people make their own last will and testament, commonly using a template which can buy from the post office. Take care should you go along this route – it’s very simple to make a mistake and you could even find it void. The cost of having a will made, particularly a comparatively basic one, is not exorbitant and you can be sure that your desires will be realised.
A trained will agent or a solicitor will be used to processing all forms of queries and will be able to assist you. There could be questions to do with setting up trust funds and perhaps taxes.
Having constructed your will, it’s a prudent idea to inspect it on occasion, as your situation changes. If you resolve to alter it, then it’s a smart move to nullify your previous one and have it remade. If the changes are minimal, it might be easier to make a codicil to form a part of the will and to be read in association with it. Any codicil will have to be made in the same fashion as the will in regards to signatures and witnesses.
Please be aware that any health insurance will terminate on the death of the will holder and no value will be attributed to It in the will.
