Wills
Who should make a Will?
The following list highlights a number of common circumstances. It is impossible to cover every personal situation. If in doubt, you should seek advice on whether you would benefit from making a Will.
 Married couple or civil partners. Without a Will a surviving spouse or civil partner will not automatically inherit all of their spouse or civil partner’s estate on their death. If there are children, part of the value of the estate may well pass to them instead. You should seek advice on how the laws of intestacy might affect you.
- Unmarried partners. Under English law, contrary to popular belief, people living together as husband and wife have no automatic rights to inherit any of their partner’s estate on their death, where there is no Will. This rule also applies to same sex couples. Where there are children of the relationship, it is essential to make a Will to safeguard their inheritance.
- Unmarried partners with a total estate worth up to £650,000. Inheritance Tax is payable at a rate of 40% on all assets and property over the current nil rate band of £325,000 (frozen until 2014). Unmarried partners can dramatically reduce an Inheritance Tax liability by writing tax-efficient Wills. You could save your beneficiaries a staggering £130,000 in potential tax.
- Married parents of children under 18. Statistics show that every 35 minutes someone dies as a result of an unexpected accident. To deal with the event of both parents tragically dying together, it is essential to make a Will to appoint a guardian or guardians to care for any children left behind who are under 18. Planning ahead will prevent the need for a possible intervention by social services.
- Unmarried parents of children under 18. You should be particularly careful in considering the need to make a Will to appoint a guardian or guardians and should be mindful of the fact that if your child was born before December 2003, the father has no automatic parental responsibility unless he was married to the mother of the child when the child was born. This means that if the mother dies first, the unmarried father may not automatically assume responsibility for looking after the child. All this can easily be avoided by appointing the unmarried father as the child’s guardian in a Will.
 Married couple or civil partners wishing to protect their home from possible future care home fees. By writing a Will and changing the way in which the family home is jointly owned, it is possible to safeguard at least part or even all of the property's value from being used to fund any future long term residential care without compromising the assets for your surviving spouse.
- Business owner. Because of the differing ways in which business assets can be owned, anyone in business should consider very carefully the benefits of making a Will to ensure all your business property is dealt with in accordance with your wishes and the tax savings are maximised. In a Will, it may also be possible to appoint someone you trust to carry on running your business after your death.
- Person separated from spouse or civil partner. Until the decree absolute is pronounced or the civil partnership is dissolved, any Will made during the marriage or civil partnership will remain valid. Only by making a fresh Will can you be reassured that your estate will pass to those you really want to benefit.
- Couple in a second or subsequent marriage. Without a Will, children from a previous relationship could be left with nothing. Where there are children of a previous relationship, you may not necessarily want your assets to pass entirely to your new spouse, wishing instead to make provision for your children from a previous relationship. The combination of a Will and change of ownership of a jointly owned home can give effect to your wishes.
- Parent wishing to provide for a disabled child. By making a Will which contains a discretionary trust, your disabled child’s inheritance could be protected from being taken by the local authority, simply to pay for their future care needs. Eligibility for welfare benefits might also be protected. Additionally, your child's legacy could be safeguarded for the next generation or surviving siblings.
- Person with no living relatives. Where there is no Will, the Treasury Solicitor could make an application on behalf of the Crown and ultimately your estate may then be paid over to the Queen. If these personal circumstances apply to you, you should consider the benefits of making a Will to, perhaps, remember your close friends, wider family members and favourite charities.
Advantage Legal always drafts your Will in plain English - to avoid ambiguity, and so you can be certain that your wishes have been clearly stated. We use our expertise to establish the facts before advising you on the best solution tailored to your needs.
Please click here to contact Advantage Legal if you have any questions, or if you would like to have a chat about your personal circumstances, without obligation
|
