There’s a 100% chance you will die, and with a Will one way or another.
The choice is whether you make it yourself (about 30% of the population ‘get around to it’) or let the government give you one via the intestacy rules!
The former allows you to make all kinds of decisions involving the people you wish to benefit and to act on your behalf. The latter gives authority for ‘outsiders’ to distribute your estate in a prescribed method, and to be paid for their services from your estate.
There are many reasons why you should make a Will. Three good ones are:
– Not getting on with one’s own family,
– Changes in one’s circumstances,
– Living with a partner.
Where families have fallen out they often don’t want certain members to benefit from their estate, yet this is exactly what can happen without drafting a Will. This is especially phentermine likely where children, parents or brothers & sisters are involved.
Typical changes in circumstances which should trigger thoughts of creating a Will are: marriage, starting a family, separation or divorce. An old Will should also be updated when it no longer meets current needs, on average about every five years.
Many living with a partner seem to simply presume they will ultimately benefit from the estate. These wishes need to be built into a Will otherwise intestacy rules may see most of the assets distributed among the blood relatives and the partner left without.
Contact Castle Wills today to help protect your loved ones.
The results from a recent poll by the HSBC show that two thirds of parents questioned don’t have a Will in place.
As usual apathy is given as the reason by most who admit to “not getting around to it”. Around 25% state they intend to write one “when they are older”, with another 11% admitting that it had “never occurred to them”.
The single most important reason why parents need to write a Will is Guardianship.
By drafting a Will parents appoint Guardians of their choice who will look after their children, should it become necessary, until they reach the age of eighteen.
Many people don’t appreciate the implications of not having these arrangements in place, simply believing that the family will automatically take cialis over as guardians. They might well be horrified to learn that Social Services can step in and make alternative plans for their children.
As the report concludes “the fact that such large numbers of households are not planning ahead is leaving families exposed to unforeseen events.”
Contact us today, we can help you keep decision-making within the family rather than risk leaving it to strangers.
If someone dies without making a Will, they are said to die intestate. Many people assume, quite wrongly, that all their property will automatically pass to their spouse/partner. This is not the case and it can be as painful as it sounds for their loved ones who may suffer financial hardship and distress when they least need it.
The benefits of making a Will include: –
- Making the legal process in dealing with their affairs easier and much less painful at a time when their loved ones will need all the help that they can get.
- They can name the beneficiaries (including charities and friends if they so wish) and they will know with certainty who will inherit from their life’s efforts.
- They can appoint guardians of their choice who would look after their children, if necessary, until they reach the age of eighteen.
- They can nominate executors of their choice to deal with their affairs.
- They can distribute their assets in such a way that any Inheritance Tax is mitigated or even removed altogether.
- They can protect the family home against long-term care costs.
- Their family will have clear directions on how to deal with their affairs and may not need to employ (and pay) professionals.
- They can make specific or monetary gifts and express any wishes regarding medical donations or funeral arrangements.
There are many types of Wills, all designed to accommodate a person’s specific needs.
Wills – Single and Mirror
These are simple Wills where a single person or a couple leaves their estate absolutely to the named beneficiaries. In the case of a couple, this is generally to their spouse/partner and then down to their children, if there are any.
Protective Property Trust Wills
By placing the family home in a Will Trust, the risk of the home being sold to pay for long-term care costs should one of them have to go into residential care can be minimised, thus protecting at least half the value of the property for the beneficiaries. This type of Will is particularly appropriate for elderly parents or relatives and lexapro and protects the family home. It can also be used to protect an inheritance for children from a previous marriage or if a surviving partner were to re-marry.
You may find yourself responsible for dealing with someone’s estate if they have chosen you as the Executor or joint Executor in their Will.
Your role is one of trust and responsibility, as you are being asked to act as a personal representative to administer the estate of the person in accordance with the terms of their Will after their death.
Examples of some of the tasks of an Executor:
Continue reading Duties of an Executor
I was divorced recently, but how do I ensure that my ex-spouse does not receive anything under my Will?
Divorce automatically revokes gifts to a former spouse and removes that person as an Executor if he or she was so appointed, unless the Will provided otherwise. However, if the scheme of distribution in your Will contemplates gifts to your ex-spouse, the chances are that other changes will be appropriate as a consequence and you should therefore not rely on the revocation rule. Furthermore, unless xanax you make a new Will, your Executor will be obliged to notify your ex-spouse that an application for probate has been submitted to the court, and your former spouse may participate in the proceedings if he or she wishes. They may argue that your Will indicates an intention that they should receive bequests under the Will notwithstanding the divorce.
In England and Wales you can write your own Will.
However there are many traps for the unsuspecting person which could result in estate assets passing to persons not intended to receive them, either because key Will provisions are invalid, or because the person’s choice of words runs foul of a legal rule or principle of which the writer was unaware.
The best advice is to rely on a professional Will Writer to take your instructions and translate them into legally effective provisions in your Will.
Contact us today for more information