WOULD MY HUSBAND/WIFE INHERIT EVERYTHING IF I DON’T HAVE A WILL?
It’s not true that your spouse would inherit everything if you don’t have a Will. Your spouse or civil partner would inherit the first £270,000. If your estate is worth more than £270,000, the excess amount is split 50/50 – your spouse would get half of the excess and the other half would go to your children. Each child would inherit an equal share, which may not be what you want.
I’M IN A CIVIL PARTNERSHIP – DO I NEED A WILL?
Civil partners are treated the same as married couples as far as inheritance is concerned. Your civil partner would inherit the first £270,000 of your estate, with any excess being split 50/50 between the civil partner on the one hand and children if you don’t have a Will.
I’M GETTING MARRIED - SHOULD I WAIT BEFORE WRITING A WILL?
There’s no need. You can make a Will now that will remain in force after the ceremony. The sooner you make a Will, the better because you never know what’s around the corner. If you’re planning on getting married, you’ll probably want your spouse to benefit if anything unfortunate happened to you before you got hitched.
I DON’T HAVE MUCH MONEY - DO I REALLY NEED A WILL?
If you don’t have much in the way of assets, but you do have children, that’s a very good reason to get a Will. It’s the only way of nominating guardians in the event that both parents die in an accident, for example. If you don’t have children, you may still wish to leave small legacies to close friends, favourite family members, or charities.
CAN A WILL HELP ME AVOID INHERITANCE TAX?
Considering the implications for inheritance tax is part of our professional Will-writing service. As part of our process, we’ll discuss your estate and work out the inheritance tax implications for the future. We’ll explain how you can make the most of all the available inheritance tax allowances.
HOW CAN I SAFEGUARD MY ESTATE AGAINST BEING DEPLETED BY CARE FEES?
If your estate is worth more than £23,250, you won’t be entitled to financial assistance from your local council to pay for care fees. With the cost of live-in nursing care exceeding £1,200 per week in many parts of the country, assets can be very quickly depleted. We can discuss strategies to protect your assets from being assessed for care fees.
SHOULD I NAME GUARDIANS FOR MY CHILDREN IN MY WILL?
If you have children under the age of 18, yes you should name guardians. They would only act if both parents have passed away while your children are still under 18. We can help you make an appropriate gift in your Will, ensuring that your children will be provided for.
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