Still putting off writing your will?
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HRJ Foreman Laws Solicitors highlights six key moments in life when you should consider making a will
Nearly two thirds of UK adults don’t have a will. If you are one of them, it means that if you were to die, the intestacy rules will determine who will receive your money, property or possessions. This may not be in the way you would have wished.
If you aren’t married or in a civil partnership, your assets will not automatically pass to your partner, unless you have stated it in a will. If you have no surviving relatives to inherit under the rules of intestacy, your estate will pass to the Crown.
If you still aren’t sure whether or not you need a will, HRJ Foreman Law Solicitors outline how the following life stages could impact your personal circumstances.
Buying a house
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You’ll want to ensure any shares in the house end up in the right hands and that you have taken legal advice on how to protect your share of the property, especially if you own a home outside of a marriage or civil partnership.
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Any will you had in place before you marry, or form a civil partnership automatically becomes invalid. Unless you update it, the rules of intestacy will dictate who will benefit from your estate, which may not entirely be your spouse.
Unless you have a will, your partner will not inherit any of your estate, regardless of how long you have been together. In your will, you can provide for your partner, ensuring that they receive your property and have access to your finances.
Until your divorce is final, you will still be viewed as a married couple and your estranged spouse will still inherit under the rules of intestacy. Both prior and post divorce, you may wish to create a new will, update your executors and reconsider guardianship for your dependents.
A will means you can stipulate who should act as guardians and take care of your children in the event of your death. You can also stipulate the age at which your children will inherit. Under the intestacy rules, children inherit at the age of 18 years.
Inheritance or care fees worries
With careful will drafting it is possible for spouses to protect part of their estate against care fees should the survivor of them require care following the first death. This can be achieved by creating a trust that allows the surviving spouse to enjoy the estate whilst protecting the capital value for the benefit of the next generation.
HRJ Foreman Laws Solicitors delivers legal services for businesses, families and individuals. It has offices in Hitchin and Welwyn Garden City, Hertfordshire. It is recognised by Lexcel - the Law Society’s quality mark for excellence in legal practice management and excellence in client care. It is also regulated by, and compliant with, the Solicitors Regulation Authority.
The firm’s areas of expertise include company and commercial law, commercial property law, conveyancing, family law, wills, trusts, probate, inheritance tax, civil litigation, and commercial litigation.
For further information or legal advice about your will email the Wills, Trusts and Probate team at email@example.com or call Hitchin 01462 458711 or Welwyn Garden City 01707 887701; hrjforemanlaws.co.uk