You may be surprised by these vital Wills and Probate facts:
- Without a Will your Spouse will not automatically inherit all your assets. They will be distributed according to rules laid down by the law.
- Without a Will the person you view as your “Common Law” husband or wife will not inherit and may need to bring legal proceedings against your family members.
- If you have an existing Will and you divorce you will need to revise it or your assets may pass to unwanted beneficiaries.
- You can protect your estate against the impact of Care Home fees and Inheritance Tax by executing an appropriately drafted Will.
- Most assets held in joint names will pass to the surviving owner and will not be distributed by your Will.
- If you have Step Children they will not automatically inherit anything from your estate.
- If you wish to leave assets to a child they will automatically inherit at age 18 unless you stipulate a higher age in your Will.
- After a second marriage you can make provision for your Spouse but ensure your assets will still pass to children from your first marriage after the second husband or wife’s death.
- If you have no blood relatives to survive you, your estate may even pass to the Government after your death. If you make a Will you can avoid this and name friends or Charities as beneficiaries.
- If you are married or in a Civil Partnership everything that passes to your Spouse or Civil Partner is tax free. However anything passing to anyone else (with the exception of charitable beneficiaries is potentially taxable for Inheritance Tax).
If you wish to discuss any of the above or any other matter relating to Wills, Probate, Family Trusts or Care Home fee planning please contact us.