For instance, you may hold your residential asset in joint name with your wife. Most of us assume that if the husband dies then the wife automatically becomes the owner. If, say, a husband dies intestate without writing a Will then his share will devolve to his surviving class 1 legal heirs.
His wife, children, and mother will have equal right on his share in that asset. I am not that rich: The assets that you have created and built are of a certain value—which can be high or low—and these assets should devolve to your loved ones. Once you have decided to go for estate planning, there are a few points you should take care of when making a Will.
Here are some of them. Sign the Will in the presence of a witness. Do not send a signed Will via courier to your witness to sign as it can be termed void. A handwritten Will is valid, but it is advisable to have it printed. It is also advisable to select an executor who is younger in age than the testator. Consider registering your will: Though this is not mandatory, it is advisable to register your Will. A registered Will might help your family members at the time of execution. Power of attorney: Execute a power of attorney in favour of a trust worthy person.
This will be helpful in case of incapacitation. An estate plan is only effective if your loved ones know that it exists. Review your Will: Review your plan every 3 to 5 years, or sooner, if life changes occur. This also includes updating beneficiaries and their beneficial interest. Trustworthy advisers and professional help: Choose responsible and trustworthy advisers and helpers.
This includes possible guardians, executors, trustees, and power of attorney agents. You want to make sure that your affairs are handled appropriately and with care. Ask your estate planner questions about your plan as it is important that you understand all aspects and details.
If you want to make any changes to your estate plan, it may be better to seek professional advice so that you can understand the implications of the changes. Taking professional help in planning your estate can help in avoiding serious errors. If you have already executed the Will i. It is better to avoid rewriting or scribbling on the original Will.
If you want to make changes, get a codicil made. Apart from all this, include funeral planning in your estate planning. This can ensure that your funeral wishes are followed and help minimize family disagreements. Never miss a story! Stay connected and informed with Mint. Your solicitor can advise you which of your assets this may apply to, how to prevent or change it and draft your Will taking that information into account.
A well drafted Will Trust can be useful in circumstances involving children from previous relationships, vulnerable beneficiaries and the protection of the home from care fees or future relationships. There is no such thing as a common law spouse! If you die without leaving a Will your partner will not automatically inherit your estate and may have to make a claim against your estate to receive assets. If you are due to marry or have recently married, it is essential to update or create a Will.
Marriage revokes any Will you have made prior to the marriage and may mean you die without a valid Will in place. Divorce will mean that your ex spouse is treated as having died before you when interpreting provisions in your Will. It is therefore essential to review your Will to ensure the remaining clauses continue to be effective in the way you would like.
If you are separated but not yet divorced, and you do not wish for your spouse to benefit from your estate, you should consider changing your Will immediately. If you die before the divorce is finalised, your Will is still effective and your spouse may inherit from your estate.
If you would like to discuss making a Will, contact a member of Girlings' Private Client team who would be delighted to help. Please read Reliance on information posted in our Terms of Website Use - see Legal section - before relying on this commentary. Before relying on this commentary please read the Reliance on information posted section in our Terms of Website Use in our Legal section.
Please note that specialist advice should be taken in relation to any specific queries and the information above is provided for general information purposes only. Ashford Canterbury Herne Bay enquiries girlings. No Fault Divorce. First Years — Join our Celebration.
Girlings Solicitors and Girlings Personal Injury Claims are celebrating the First years of the first equal opportunities legislation to enter the statute book, which has particular significance for the legal sector. The Sex Disqualification Removal Act Intestacy The key reason to write a Will is that, if you do not, you will die intestate without a Will and your assets will be divided in accordance with the Intestacy Rules which are decided by the Government.
Certainty A validly executed Will is the only way to ensure your wishes for your assets are carried out on your death. To help your loved ones It is often a source of comfort that family can be sure they are carrying out the wishes of the person who has died and this can also help to reduce any risk of conflict. Inheritance Tax A solicitor will be able to assess your assets and advise you about Inheritance Tax at your Wills consultation.
To plan for future circumstances Your Will allows you to set out wishes for your assets in the event that one or more of your beneficiaries die before you. To exclude individuals If there are people you do not wish to benefit from your assets, you can discuss this with your solicitor.
Will Trusts A well drafted Will Trust can be useful in circumstances involving children from previous relationships, vulnerable beneficiaries and the protection of the home from care fees or future relationships. Unmarried couples There is no such thing as a common law spouse! Back To Latest.
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