Common Myths about Wills
1. Wills are only for the Wealthy! Take time to add up the value of your home and its contents, your car, your life policies, your savings you are worth more than you think
2. Will it Tempt Fate? On the contrary, by making a Will you will be taking a positive step towards ensuring the future well being of those you choose to benefit thereby creating peace of mind for yourself.
3. Your Spouse Will Automatically Get Everything! If you die without a Will (intestate) what happens to your estate will be governed by the Intestacy Rules which may not coincide with your wishes.
What happens if you die without leaving a Will?
1. Married with Children
• Your spouse receives up to £250,000.00 and your personal belongings
• The remainder is divided in two:
• Half to your children at 18
• Half in trust for your spouse and then to your children
2. Married no Children
• Your spouse receives everything
3. Unmarried Couples
• The survivor will receive NOTHING
4. Unmarried Single Person
• The order of priority is as follows:
• Children or their children;
• Parents;
• Brothers and sisters or their children;
• Half brothers and sisters or their children;
• Grandparents;
• Uncles and aunts or their children;
• Half uncles and aunts or their children;
• The Crown
Making A Will
• YOU choose who will receive your money and property
• Give a keepsake to a friend
• Leave a sum of money to your favourite charity
• Choose someone responsible to act as the Executor of your Will to ensure your wishes are carried out
• Appoint guardians of your young children
• Set up a trust fund for your grandchildren
• Express your preference for funeral arrangements or the use of your body for medical research
• Consider ways of minimising your potential Inheritance Tax liability
You Should Review your Will if:
• If your personal circumstances have changed
• If your financial circumstances have changed
• If the circumstances of those you wish to benefit have changed
Lifetime Tax Planning
• Although a Will provides scope for tax planning there may be ways you could benefit your ultimate beneficiaries by taking appropriate measures during your lifetime. We can advise you about this.
If you would like to discuss these issues in more detail, please make an appointment to see one of our Wills and Probate team who will be pleased to help.
At our Crewe Office: Alison Greatbanks on either 01270 21200 or agreatbanks@hswsolicitors.co.uk and Sophie Whittingham on either 01270 21200 or swhittingham@hswsolicitors.co.uk
At our Nantwich Office: Angela Lewis on either 01270 610300 or alewis@hswsolicitors.co.uk and Hugh Lewis-Morgan on 01270 610300 or hlewis-morgan@hswsolicitors.co.uk
