So why should you create a Will?
To protect your assets for your family.
If you don’t have a Will then the state steps in and the law of Intestacy applies. This can have some unpleasant consequences:
- Your assets can be frozen.
- The courts don’t know if your family relationship was a good or a bad one, neither do they know who you would have wished to distribute your estate or look after your children. They may just appoint professionals, not the people you would have wanted.
- Your spouse DOES NOT automatically inherit everything – others may have a claim. It’s possible that the family home may have to be sold.
- Your unmarried partner’s position can be dreadful. Others may have priority claims on your estate.
- Your children may lose their inheritance completely if your surviving spouse/partner remarries.
- If you have no apparent heirs and die without a Will it is even possible that the state may claim your estate.
Really, everyone should have a Will!
Worried about care home fees?……….incorporating a Property Trust into Wills for a married couple and making sure that the ownership of the family home is on the correct basis can help protect the value of your house from care home fees.
Simply stated the benefits of creating a Will include:
You designate who will receive your assets upon your death.
You may save on tax bills.
You name who is to be in charge of administering your estate.
You may save your family money in probate costs.
You can achieve peace of mind, knowing that your affairs are in order.