It has never been more essential for each of us to get things in order before we shuffle off this mortal coil, than it is today. The way we do that is by writing our Wills.
YOU can determine what happens to your estate when you die, and can save your family and friends the stress of dealing with the legal problems which can arise when you die intestate (without leaving a Will) at an already difficult time.
Do I really need a Will?
The simple answer is "Yes". Every adult should make a Will and review it regularly, particularly if their circumstances change, such as they get married, have children or get divorced. (In fact it is important to note that marriage invalidates any Will made before marriage).
Making a Will is an important part of planning for the future. Do any of the following apply to you?
1.You have recently married.
2.You have recently separated from a partner
3.You have become a homeowner and you know whom you wish to leave it to when you die.
4.You have become a parent and you would like to be sure who would look after your children in the event of your death.
5.You do not want your estate to pay out Inheritance Tax to the Government. Because of rising house prices, Inheritance Tax is now affecting more people’s estates than ever before.
6.You would like to support a particular charity.
7.You are concerned who would look after your affairs following your death.
8.You have particular funeral wishes.
If any of the above apply to you, then without a valid Will, your wishes may not be achieved in the event of your death.
Dying without leaving a Will (intestate) - Who gets what?
If you die without leaving a valid Will then the law decides who gets what. It does not matter what you may have wished for or promised while you were alive. If there is no valid Will then who gets what is determined by the Intestacy Rules. Here is a guide to what would happen.
If you have a lawful spouse (ie you are legally married)
If your estate is worth less than £125,000 then your spouse gets everything.
If your estate is worth more than £125,000 and you had no other surviving relative (eg children, grandchildren, parents), then your spouse will still get everything.
If you have a lawful spouse, plus children
If your estate is worth less than £125,000 then your spouse gets everything. If your estate is worth more than £125,000 then your spouse would get £125,000 and a life interest (ie the right to take interest on the remainder, but not the capital itself) in half of anything over this sum. Your children would get half the sum over £125,000 immediately and be entitled to the other half on the death of your spouse. Should any of your children die before you then their children would be entitled to take their parent's share.
If you have a lawful spouse, no children, but parents/brothers/sisters/ grandparents/aunts/uncles
If your estate is worth less than £200,000 then your spouse gets everything. If your estate is worth more than £200,000 then your spouse would get £200,000, plus half the balance. The remaining half goes to the other relatives in this order of priority - parents; brothers/sisters; half brothers/sisters; grandparents; aunts/uncles; spouses of aunts/uncles.
If you are not lawfully married, but have had children
Your estate will be shared between the children. Should they die before you then their children would take their share.
If you are not lawfully married, have no children, but have parents or have had brothers/sisters/grandparents/aunts/uncles
Your estate will be shared equally amongst them in this order of priority - parents; brothers/sisters; half brothers/sisters; grandparents; aunts/uncles; spouses of aunts/uncles. If any of these have predeceased, but have living children then the children will take their parent's share.
If you are not lawfully married, and have no other relatives
Your estate will go the Crown
It should be noted that these rules on intestacy do not recognise "common law" partners, and that "children" includes natural, adopted and illegitimate children, but excludes step-children. The figures are correct as at January 2007, but are subject to change.
Speak to us about having your new will (or your existing will) translated into your mother tongue. We can have any of your legal documents translated into Urdu, Punjabi, Gujurati, Hindi or any other common Asian language. This may make your wishes easier to understand for the people you leave behind.
Please contact us on 0161 234 2650 for more information about our Wills Service.
Or e-mail us wills@pablasolicitors.co.uk
