For the sake of very little time and effort a legal Will can be put in place so your estate is divided exactly as you would want and also the correct guardians are recorded to look after your children in the event of your death.
A will can also be used to reduce your IHT liability.
I offer a very simple and inexpensive process of Will writing. A typical joint Will can cost as little as £150 and I even offer discounts to my existing clients. There really is no need to put this vital part of estate planning off to a later date. Give me a call on 01793 354443 and we can discuss the process and hopefully tick this important item off your to do list.
If you die without leaving a will your estate will be distributed under The Rules of Intestacy:
If you are married
1. If your estate is worth less than £250,000 your spouse gets everything
2. If your estate is worth more than £250,000 your spouse gets the first £250,000 and a life interest in only half of the remainder - your children get the rest
3. If you do not have any children, your spouse gets the first £450,000 plus half the balance - your parents get the rest
4. If your parents have passed away, your spouse gets the first £450,000 plus half the balance - your brothers and sisters get the rest
If you are not married and have a partner
1. If you have children, they share everything - Not your partner!
2. If you don't have children, your parents get everything - Not your partner!
3. If your parents have passed away, your brothers and sisters share everything - Not your partner!
4. If you don't have any brothers and sisters, your aunties and uncles get everything - Not your partner!
5. If you don't have any aunties and uncles, everything goes to the Crown (Government) or the Duchy of Cornwall if you reside in Cornwall - Your partner gets nothing.