Good Going 24

If you don’t write a will, then who determines who gets what? Things will not proceed how you would have intended. To ensure your wishes are followed, you need to construct a last will and testament.

Should you die without without writing your last will and testament it’s the crown that dictates how your property is distributed. The intestacy rules will be applied and it will not be how you’d have hoped or wanted.

If your legally married or have a civil partner but are without children and your estate is worth a set threshold or under then your civil partner will get the entirety of the estate including any life insurance cover . If the property is worth above this amount and you have surviving relatives, your spouse will still get this figure, in addition to 50% of the excess. There exists an priority in which family would inherit, with existing parents being at the start of the list, followed by brothers and sisters and so on.

Should you have a civil partner and children then your spouse would gain the specific amount as above and half of the excess. The offspring will inherit 50% of the sum over the set amount immediately and the other half on the death of your spouse.

If you have children but no legal spouse, then your children would divide the estate. This may not be as you would have hoped. You could have a companion who relies on you and who you would have intended to get at least a proportion of your assets, who would receive nothing.

To avoid all possible worry about your assets, regardless of how basic it may appear, it would be wise to make a will. There are several options for this. You may construct it on your own or hire a trained will writer or a solicitor.

Many people draw up their own last will and testament, commonly using a template which you can obtain from stationers. Take care should you proceed down this path – it’s surprisingly easy to make an error and you could potentially make it void. The expense of having a will made, particularly a relatively basic one, is not exorbitant and you can be sure that your desires will be carried out.

A trained will agent or a solicitor will be used to processing all forms of enquiries and will be able to assist you. There could be queries regarding starting trusts and perhaps taxes.
Now you’ve made your last will and testament, it’s a prudent idea to inspect it from time to time, as circumstances change. If you decide to amend it, then it’s sensible to revoke your existing one and have it remade. If the alterations are minimal, it might be more straight forward to write a codicil to form a section of the will and to be read in partnership with it. Any codicil will have to be constructed in the same way as the will in regards to signatures and witnesses.

Please be aware that any medical insurance cover will terminate on the death of the will holder and no value will be attributed to It in the will.

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