What is a Will?
It is a document, recognised in law in which you say where and to whom your worldly goods (your assets) are to be given when you have died.
It must be in writing, signed by you and two witnesses who are preferably not named in your Will nor married to any body so named.
Why make a Will?
You choose:
- Who in law you place your trust to pay any debts or liabilities arising after your death i.e., the final gas bill
- What your funeral arrangements are to be
- Who you want to receive your assets and in what proportion. Do not forget your friends, neighbours or any good cause
- Who you do not want to receive your assets on your demise
- Who you trust to sort out any problems which can arise between family members
Do I need to change my Will if I....
Divorce or dissolve my Civil Partnership?
No. Any reference to your former Spouse/Civil Partner or gift to them is in effect deleted.
Marry or enter into a Civil Partnership?
Yes. Any previous Will unless it specifically states that it is made in contemplation of your union, is cancelled.
Does my Partner inherit my estate?
If you are not married nor in a Civil Partnership and you have not made a Will, then the answer is NO.
Joint property may automatically pass to a surviving co-owner.
Do I need to change my Will if someone named in it moves or alters their name?
No. If you would like to update us of any changes by letter, please do so.
If I die without a Will, who is entitled to my assets?
If you own an asset which is in your name and that of another – a joint asset – then generally (but not always), the asset will automatically pass to the surviving joint owner. For other assets the following rules apply.
The Intestacy Rules changed on 1st February 2009 so that:
If you are married or in a civil partnership with children
Your Spouse/Civil Partner will receive up to £250,000 and all personal possessions not used in connection with a business.
The remainder (if any) is divided as to:
- ½ between the children
- ½ to be invested to provide your Spouse/Civil Partner with an income for the remainder of their days. On their death what is left passes to the children.
If you are married or in a civil partnership without children
Then depending on what other relatives are living at the time of your death will depend on who receives what.
- If you leave a parent(s), or brother or sister with whom you share the same parents, or their children ( a nephew or niece) then
- Your Spouse/Civil Partner will receive up to £400,000 and all personal possessions not used in connection with a business
- The remainder (if any) is divided as to:
- ½ to your Spouse/Civil Partner absolutely
- ½ to your parent(s). If there is no parent living then between your brother(s) and sister(s) equally and if any one of them has died before you leaving children living at the time you die, then these children share their deceased’s parents entitlement between them
If you are not married and have no children
Your assets will pass to the following people in the following order:
- All to a surviving parent(s)
- If none, then to brother(s)/sister(s) with whom you share the same parents and if any one of them has died leaving children then to those children in equal shares (the whole blood)
- If none, then to brother(s)/sister(s) with whom you do not share the same parents and if any one of them has died leaving children then to those children in equal shares (the half blood)
- If none, to a grandparent(s)
- If none, to uncles and aunts of the whole blood or to their children if any one of them has died before you
- If none, then to uncles and aunts of the half blood or to their children if any one of them has died before you
- If none, to the Crown (or to the Duchy of Lancaster or the Duke of Cornwall)
If you are married or in a civil partnership without children and without parent, brother, sister, nephew or niece who survive you
Then your Spouse/Civil Partner will receive everything.
If you are not married or in a civil partnership but have a child
Your assets pass to your child at 18 unless that child marries before this age. If you have more than one child they will share your estate equally upon reaching 18.
If a child has died before you, leaving a child living at your death, then that child (your grandchild) will inherit their parent’s entitlement.