August 03, 2017
People make many wrong assumptions about what will happen if they die without a will, which include:
- Assuming everything will automatically pass to their spouse. This is only the case if you die without children
- If you die with children, then your spouse would only inherit the first £250,000 and have a life interest in half of the remainder
If you have no will then your estate will be divided according to rules laid down by the government. It may be the case that you have no close relatives, in which case, the government itself could profit from your estate. It is unlikely that anyone would choose this.
Here are some top reasons why you should make a will:
- You alone decide who benefits from your estate
- You decide who will administer your estate and carry out your wishes
- It may help to avoid disputes between family members
- You can appoint a guardian in your will to look after your children
- You can make a tax efficient will to reduce your liability for inheritance tax
- You can make a Property Trust Will to reduce your spouse’s future liability for care home fees and safeguard your home for your children
- You can make gifts to charity and reduce your liability for inheritance tax
- It is generally a lot cheaper and easier to administer someone’s estate where there is a valid will
We hope this advice is useful and our expert in wills and probate Andrew Gullet is always available to help.
Many people in and around Pudsey benefited from making a will during Will Aid last year and helped to make this initiative a huge success. Pudsey Legal raised £1,535.00 for the nine Will Aid charities.
Will Aid is the UK’s leading charity will-writing scheme, which offers everyone the opportunity to make or update their will in return for a donation to help people in need in the UK and all over the world. This money is shared by nine well-known UK charities including the British Red Cross, Christian Aid, NSPCC and Save the Children. We’re very grateful to everyone who took part and helped to raise money for these worthwhile causes.
We’re looking forward to being able to offer more will related promotions in the coming year, so be sure to check back on our website regularly (or follows us on Twitter @pudseylegal) to find out how we can help you plan for the future.