WILLS

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A Will is a legal document that distributes your assets upon your passing away. A Single Will is for a single person and a Mirrored Will is for a couple that want the same distribution. For a couple that want different distrbution, 2 single Wills will be required.

Things to consider when writing a Will

Executors - Have you thought about whom you would appoint to carry out the terms of your Will?

Guardians -If you have children under 18, have you thought about suitable guardians to care for them, how to bring them up, schooling, religion and how the children will be provided for?

Trustees - These are people (preferably the same as the executors) who will manage and abide by any Trust set up in your Will for the benefit of the beneficiaries.

Beneficiaries - Who would you want the people to benefit from your lifetime's work? How would you want it distributed?

Charities - Would you like to leave a donation to charity?

Business - Do you have any business interests that you would like to include in your Will?

Funeral - State your preference regarding your funeral arrangements.

Organ Donation - In 2020, the law around organ donation in England was changed to all over 18 opting in for organ donation. If you wish to opt out and not donate, this has to be registered here. We would also advise our clients to record their wishes with their Doctors.

No Will in Place - Rules of Intestacy apply

When a person passes away without leaving a valid Will, their property (the Estate) must be shared out according to certain rules. These are called the rules of intestacy.

Who inherits under the Rules of Intestacy

At the time of passing away, married partners or civil partners inherit under the rules of intestacy. If you are divorced or if your civil partnership has been legally ended, you can’t inherit under the rules of intestacy. Cohabiting partners (sometimes wrongly called 'common-law' partners) who were neither married nor in a civil partnership cannot inherit under the rules of intestacy.

Distribution under the Rules of Intestacy

If there are surviving children, grandchildren or great grandchildren of the person who has passed away and the estate is valued at more than £322,000, the partner will inherit:

all the personal property and belongings of the person who has died, and
the first £322,000 of the Estate, and
half of the remaining Estate.

If there are no surviving children, grandchildren or great-grandchildren, the partner will inherit the whole of the Estate.

Property & money under the Rules of Intestacy

If the partners were beneficial joint tenants at the time of passing away, the surviving partner will automatically inherit the other partner's share of the property. However, if the partners are tenants in common, the surviving partner does not automatically inherit the other person's share. Couples may also have joint bank or building society accounts. If one dies, the other partner will automatically inherit the whole of the money.

Property and money that the surviving partner inherits does not count as part of the Estate of the person who has died when it is being valued for the intestacy rules.

If single when passing away, the Estate will be split equally amongst your children. If your children have predeceased yourself, then the Estate will be split equally amongst your grandchildren.