It is a misconception that on their spouse's death, all their assets will automatically pass to the remaining wife/husband. But in reality, depending on the size of the estate, if there are children, a spouse may only inherit personal items and the first £125,000 outright.
The remainder of the estate is split to one half on trust to pay the income to the surviving spouse and the other half passes absolutely to the children on attaining the age of 18 years. This applies by law in England, Northern Ireland and Wales, different provisions apply to Scotland.
If you Cohabit as partners then, contrary to popular belief, your partner would have no automatic right of inheritance, which means that as more and more people choose to live together, the making of a Will is ever more important.
You also need to take into consideration who would care for your children if both of you were to die - guardians need to be appointed so you can be sure they will be cared for by people you know and trust. A Will can set out your wishes in this respect precisely - otherwise you are leaving it for the courts to make the decision!
The Mortgage Advisors through the Beneficial Trust & Will Company, can provide you with a fully professional Will writing service, ensuring that no matter what you require, your needs and those of your family will be covered. For a no obligation service you just need to complete the contact form with a time and place to suit you, and we will contact you to discuss your individual needs.
Surprisingly, many of us do not have a Will, which is astonishing considering how important a Will is for leaving what you want, to whom you want. As well as providing legal ways of helping to avoid or reduce inheritance tax, a Will can help to ensure that at a time of grievance your family does not suffer more that is necessary.
If you don't have a Will then you will NOT be able to do the following:
pass your estate to an unmarried partner decide how much money is left to each of your family members specify who will become the guardians of your children leave something to a charity leave a momento, eg a piece of jewellery to a treasured friend reduce any potential inheritance tax liability your estate may have preserve your estate should you go into residential care
DONT PUT IT OFF ANY LONGER - CALL US - 01425 480517
The Financial Services Authority does not regulate will writing.
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0800 910 1197
Local number - 01425 480517
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The Mortgage Advisors is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Services Authority.