Making a Will
Some people are reluctant to make a Will, either because they do not like contemplating their own death or because they think it is something that they can put off until they are older. It is advisable for everyone to make a Will to avoid creating additional problems for our families when we die.
If you get married or enter into a Civil Partnership, you should normally make a new Will when you marry or remarry. Wills made before your marriage will be revoked and will no longer be valid unless the Will states that it is made in contemplation of that marriage. As with marriage, entering into a Civil Partnership automatically revokes a Will and a new Will would have to be made or a Codicil signed.
If you are living with someone, the Intestacy Rule make no provision for the survivor of an unmarried couple and therefore, a Will is needed to provide for your partner.
If you have children, making a Will enables you to avoid restrictive statutory trusts for children who may need greater provision than their brothers or sisters. Additionally, appointing a Guardian for orphaned children under 18 years can be done through a Will.
If you get divorced, a new Will should be made when contemplating divorce. When a Decree Absolute of Divorce is made by the Court the former husband or wife loses all rights on an Intestacy and also any right to benefit under any existing Will.
If you retire, a Will can ensure you avoid care home fees or crippling inheritance tax.
Leaving money to charity or friends, can be done by making provisions for them in your Will.
Once you have made a Will
It is important to keep it under review at least every 5 years. Circumstances and the law, can change and impact on your Will. A Will should also be reviewed when any major changes in the family or in finance occur.
Will I have to pay tax when I die?
It may be possible to arrange your affairs and prepare your Will so as to reduce the amount of tax payable when you die and thereby make greater provision for your family. The introduction of the transferable nil rate band has brought a significant benefit to spouses and civil partners. We can advise you whether this benefit is available to you.
Contact
info@hcsolicitors.co.uk
