“Do I need a Will?” Yes, you do, you need to make sure you benefit the right people: your family, your best mate, your dog. Because if you forget to make a Will all your property and savings could end up going to a distant relation you don’t like or have never even met.
People leave everything to their pets?
Yes they do. In 2004 Leona Helmsley famously left billions to her dog, Trouble, an appropriate name as this unusual Will ended up being disputed in Court. And that’s what we all want to avoid isn’t it, the money going to the lawyers. This can happen if you mess up when it comes to making, or not making, a Will.
But seriously, what could a Will mean for you? Read on for answers to the following questions:
- Writing your own Will, what could possibly go wrong?
- Do I need a Will? “Intestacy” and why it’s a bad thing
- Good things a Will could do for you
- Wills for the young and the young at heart – online accounts and social media
- Owning a property or planning to buy – Inheritance Tax!
- Special rules for Wills if you are getting divorced
Writing your own Will, what could possibly go wrong?
Without expert legal advice you risk paying Inheritance Tax at 40 percent on anything over £325,000. And you will need legal advice if you have complicated family arrangements or are financially supporting someone, or if you estate includes:
- foreign property, bank accounts, investments
- a business
- finances which are anything other than straightforward
And did you know if you leave your home to your children your tax-free threshold can increase to £450,000? Make sure you check out the rules with an expert.
Writing your own Will? The resulting legal dispute could end up in Court and cost a fortune.
Do I need a Will? “Intestacy” and why it’s a bad thing
Intestacy is when someone dies and there’s no Will. The intestacy rules set out a list of family members who benefit in strict order. But if you haven’t got any close relations your estate could end up going to someone you’ve never met.
And if you don’t have any relations, worse case scenario, everything could go to the Crown – no, not the TV series but the state, Parliament, our nation. Do you want your few pennies worth to drop into the bottomless pit of the UK balance of payments deficit?
Good things a Will could do for you
Put your mind at rest. Make sure your family and friends know you thought about them. Save them the agony (and huge expense) of going to Court if there’s a dispute about who should get what. Save inheritance tax.
Or perhaps you want to benefit charity? Doing something good in the world after you die might be a top priority (it’ll also save inheritance tax). Or donate your body to science.
Or give a couple of thousand to a group of friends to celebrate your life with a weekend away in Amsterdam.
A woodland burial might be just right for you – mention it in your Will.
But the most important thing is the right people (or pets!) will benefit from your estate.
Wills for the young and the young at heart – online accounts and social media
Wills aren’t just for rich old people, they’re for everyone. You’re never too young to make a Will. Everyone has something to pass on even if it’s just social media and other online accounts. Otherwise bank accounts could be overlooked and your social media memories and photographs lost forever.
Own a property or planning to buy? – Inheritance Tax!
You can easily become liable to Inheritance Tax (40 percent on anything over £325,000) but with a solicitor’s help you can reduce it or avoid it altogether. With house prices in the UK shooting up more and more of us will be caught. Look at these stats about average property values (from Zoopla):
- Hampshire £360,532
- Winchester £553,508
- Dorset £332,138
- UK £235,021
Special rules for Wills if you are getting divorced
Did you know? Getting divorced will revoke your Will. So this could mean your new partner losing not only you but your home.
Can it get any worse? Not having a Will, or a Will written by an expert, can leave your loved ones with a mess to sort out and solicitors’ bills to pay
Did you know you can protect joint property whilst you are divorcing? If you die before you have a financial Order your ex could inherit your jointly owned property. This is a complicated subject and you should speak to an expert family law solicitor about taking a simple step called “Severing the Joint Tenancy” and making a Will.
See my blog about how to protect your financial settlement with an Order Quick Divorce or Safe Divorce? How To Protect Your Financial Settlement
Do I need a Will?
Contact expert Wills solicitor, Karen Layland, on 01202 798199 or by email firstname.lastname@example.org for free advice on the topics raised in “Do I Need A Will”. In this 20 minute session we will review your situation and how you can achieve your objectives.
JUST FAMILY LAW are specialist divorce and family law solicitors offering personalised legal solutions. We offer collaborative law which is especially relevant in providing solutions tailored to your family’s needs. This includes same sex couples and their families. Visit our website just-family-law.com The topics covered in this blog post are complex and are provided for general guidance only. Therefore if any of the circumstances mentioned in this blog have application to you, seek expert legal advice.
image Chesapeake Bay Retriever puppy (6weeks old) by Benbas on Wikimedia