We’re pleased to be able to offer our Will Writing and Trust Service, in partnership with a leading professional will writing service based in Essex.
If you need a new will, to change an existing will, or to consider putting assets in trust, then you’re in the right place.
First of all let’s explain exactly what a will is and what it means to you and your family.
So What Is a Will?
A will is a legal document. In simple terms, it is a legal way of making sure that those that you want to inherit, do inherit (i.e., family), and those you don’t want to inherit, don’t (i.e., the Government!)
A will can set out your wishes for the following:
• Who will manage your affairs for you after you die;
• Who will look after your children under 18;
• Who will inherit family heirlooms;
• Gifts to charity if applicable
• Funeral Arrangements
When Can I Write A Will?
The short answer is now!
The legal age at which you can write a will in England and Wales is 18, the age of majority. In Scotland it is 12 and Northern Ireland it is also 18 unless the person is married at a younger age.
Having a will is especially important if you are planning to get married, buy any assets such as property, or have a family.
There are some important events in your life that you need to recognise can have an effect on either drawing up a will, or can have an effect on a will you have already had drawn up
In England and Wales, a will is invalid when you marry or enter a civil partnership, unless it is clearly specified that the will was written in anticipation of entering such an arrangement with a named person. It is not enough to set a will up in anticipation of marriage without naming someone specific.
If you get divorced, from an estate point of view, your ex spouse is treated as having died before you (pre-deceased). So for example, if everything was to have gone to them, and if they died first everything was to go to your children, in the event of your death, the will acts as if the ex spouse has pre-deceased you, and in this case it will all go to your children.
The Top Ten Reasons Why You Really Need A Will!
We covered five of these on a recent blogpost, so here are those five with five more for good measure!
1. A lack of clarity about your wishes can lead to family wrangling and potentially expense legal bills;
2. As a result of this, your family could suffer severe financial strain, particularly if you are the main breadwinner;
3. Your spouse may not inherit everything automatically – your children might inherit some, and if you have no children it could go back to other relatives. Your spouse could end up having to sell their home – this does happen!
4. In simple terms your money will almost certainly go where you don’t want it to, either in taxes, care home fees, and step children, grandchildren etc will get nothing. If you’re not married to your partner, nor will they!
5. If your spouse re-marries, the new partner is entitled to half of everything, and the new partner is not obliged to spend anything at all on your children. Worse still, they can make a will which means your children are excluded from that money!
6. If your children are over 18, they can spend their shares in any way they like. There is nothing anyone can do to stop them, and this can leave your spouse with financial problems too.
7. Even if you’re separated from your spouse and don’t live with them, they still have a claim, if you don’t specify otherwise,
8. If your spouse dies before you, and your children are under 18, if relatives cannot decide on guardianship, the court will, and this could be social services or a care home.
9. Your assets are probably more than you realise, and you could up paying legally avoidable tax to the Inland Revenue, when this money could have gone to your family.
10. If you wanted to make gifts to charities without will, this will not happen either.
And we’re just scratching the surface here, so don’t leave it to chance. Too many people assume all be OK and “it will get sorted out” upon their death, and as you can see, that just isn’t the case.
So What Should I Do About This?
Well, you need to do one thing for sure – check whether you’ve got a will!
If you have, does it need changing or updating?
If you don’t you need to get one now – don’t let your family fall victim to any of the above.
Our Will Writing and Trusts Service can take of everything in a professional fashion – so get in touch right now by E mailing willsandtrusts@abcmortgageservices.co.uk, or calling 01702 468009.
We’ll be in touch to make an appointment and get this sorted out straight away.
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