Additional Information on Wills
Everyone avoids thinking about death. Yet it is a fact of Iife. But think of the consequences if you do not plan the future. The Intestacy Rules apply which mean that:
- All your property (if your estate is under £125,000) will go to your spouse if you have one, if not to your children parents, brothers and sisters nephews and nieces and so on.
- If your estate is over £125,000, it will be divided between your spouse (if you have one) and your children.
- If no relatives can be found your estate will be given to the government!
In some cases none of this will be a problem but consider:
- If you are separated but not divorced from your spouse, they will inherit your estate, which you may not want.
- If your estate has to be divided between your spouse and children it may mean selling your house to pay the children's shares to them leaving your spouse with no home or having to find somewhere else to live.
- And consider the last scenario - having paid taxes all your life your estate passes to the Government!
With two short meetings we can change all that. At the first meeting we guide you through the ideas you have for gifts of money or personal possessions, guardianship provisions for minor children, executor choices and the gift of the balance of your estate.
We can discuss tax planning to minimise the punitive effect of Inheritance Tax on death.
We can create trusts for minor or disabled beneficiaries to provide for them after your death.
You will receive a draft to approve. There will follow a short meeting to execute the Will and once executed you can get on with enjoying your life again!