A will is essential if you want to make sure that your belongings go to the right people, but who gets the house? In this article, we’ll examine what you should do with your house in your will…
From family heirlooms to cash and clothing, it’s important to make sure that you leave a will in order to make it clear to whom you wish your belongings go to. For most people, the most significant bequest in their will is that of their house.
In this article we’ll take a look at the options when it comes to deciding who to leave your home to after you’re gone. We’ll also discuss the importance of contacting will writing solicitors to guide you through the process. Take a look…
A Last Will and Testament is a document which describes your assets, belongings and details of whom you wish these assets to go to in the event of your death. Making a will is extremely important as this ensures that your wishes are honoured. It also helps to reduce the risk of ugly conflicts and protracted legal processes between your loved ones.
This is, of course, entirely personal however, there are a few things to bear in mind depending on your circumstances and, one of the main ones is as follows:
If you are married and have children, it’s extremely important that you clearly state who your assets should go to. If you die without a will (intestate) and have a spouse and children, certain rules do apply.
In the event that you own a property with your spouse, your spouse will automatically inherit that property. If you have assets (for example cash or investments) with a value over £270,000, these will be shared between your spouse and your children.
This is all fine and dandy if these would be your wishes anyway but less so if you are estranged from either a spouse or child or would not have wished them to benefit. For this reason, it’s essential that you not only have a will, but youclearly state who the beneficiaries should be and how much each should gain.
In the event that you die with no living spouse, your entire estate will be divided between any living children unless you have a will which specifies otherwise. It’s worth noting that this will be the case even if you have never had any contact with a child during their lifetime.
If you are not married and do not have children, you will need to put some thought into who should inherit your assets after your death. It’s entirely up to you whom you leave your property for. For example, you may choose to leave your house to a nephew or niece or, even a good friend or a charity that has significant meaning to you.
Whomever you decide to leave your house to, you must have a will which states your intentions. As if you fail to do so, there’s a chance that your estate will pass to the Crown (i.e.the state) in a process known as Bona Vacantia.
Whatever your circumstances, figuring out the contents of your will is one of the most important decisions you’ll ever make. It’s often easier to begin with, the smaller possessionssuch as a necklace or brooch. And then, move on to items with more significant value such as homes, cars and large amounts of cash.
Once you’ve made these decisions, it’s a good idea to have a conversation with your loved ones about the contents of your will. This is to ensure that your intentions are clear. As well as making sure, that there are no nasty surprises which can turn into conflicts once the will is read after your death.
None of us enjoy having to think about death but, making a will can save your loved ones a considerable amount of grief and conflict. As well as, ensuring that the property that you worked so hard to buy doesn’t go to the state but rather, to the people who are important to you.
A will-writing solicitor will be able to help you to put together a watertight will as well as keeping hold of a copy for you to prevent the possibility of any tampering. This can also be useful in the unfortunate event, a family member tries to influence your decisions in the event that your judgement is clouded. For example, should you develop a disease or condition such as dementia.
Making a will ensures that once you’re gone, your loved ones don’t have to deal with legal wrangles while also dealing with their grief.
This article is for general informational purposes only, andshould not be used as a substitute for advice from a trained wills and probate professional. Be sure to consult a wills and probate professional or if you’re seeking advice about your will. We are not liable for risks or issues associated with using or acting upon the information on this site.