Why You Need to Make Your Will..
Dying intestate (dying without leaving a valid Will) causes problems for those that are left behind. Most people assume, wrongly, that their house and savings will go to their spouse. This is not necessarily true. The Courts have a very complex procedure to determine inheritance in these cases.
Almost 40 million people in this country do not have a Will at all. That is 60% of the population. Many do not have a valid Will for a whole variety of reasons, usually because it was made a long time ago and circumstances have changed. For instance, the named executor has died or a divorce or marriage has taken place. A will should be reviewed, though not necessarily changed every year.
1 in 4 people will require residential care. To fund this care they may have to sell their home. A staggering 70,000 homes are sold each year to fund long term care. That's nearly 200 every day! If you have assets over £21,000,you have to pay all social care costs! These costs are likely to amount to £20,000-£40,000 per year or more. This means that that your relatives will not now be able to inherit the family home or the proceeds from the sale of the home. Therefore, to do nothing would be the equivalent of bequeathing your home to the local authority rather than to your family. Probably not exactly what you would have hoped for.
In 2005 there were nearly 100,000 second marriages - that's almost 4 out of 10 weddings. A large proportion of these may have been after a first marriage has ended due to the death of one of the partners.
Envisage.... Mr and Mrs Smith have worked hard all their lives to buy their own home. They purchased in joint names and have three adult children. Mr Smith unfortunately dies at the age of 55 and his biggest asset, his home, passes to his wife. They only prepared simple Wills i.e. leaving everything to each other. They wanted the survivor to be looked after and, of course, the survivor would then leave everything to the children. However, after Mr Smith's death Mrs Smith eventually finds love with a new partner and subsequently marries Mr Jones. Mr Jones brings two children from a previous relationship into the equation. Some years later Mrs Smith (by now known as Mrs Jones!) passes away having recently created a new Will with her new husband. All her assets pass to her new husband, Mr Jones. So the late Mr Smith's property, intended for his own children, is now owned by a man he has never met!
All the above scenarios are avoidable and are based on owning property as Tenants in Common, not as joint owners. This is the first simple step in protecting your assets. A modest investment in preparing your Will can put in place the necessary trusts to protect your assets and ensure that they pass to whom you intend them to be passed.
Have you made a Will? If yes, does it protect your property, your other assets, and your children?
If you would like to discuss these matters further with a trained professional specialising in such legal matters, or you wish to update or prepare a Will, please contact Susan Marks and her caring and professional team (known as ‘The Will Ladies') at Premier Wills, 9 North Street, Rochford. Further details can been seen on our main advert above.
DON'T DELAY............................MAKE YOUR WILL TODAY. www.premierwills.co.uk
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