County Bridge Wills
Do you have one?
If you care about who benefits from your property and assets after your death, then you need one. Two out of three people in England & Wales do not have a will.
Don’t assume that your life partner or spouse will inherit everything. Without a will, the State will divide and distribute your property and assets when you die, according to statute. This could mean that your partner, friends, favourite charities or even some close relatives may get nothing at all.
By making a will:
- You make the decisions about how your estate is distributed: who gets what after your death; who will benefit; how much they will get; and at what age.
- You decide who will manage your affairs and the process
Making a will is more about your wishes than your wealth. It means that you make the decisions about what will go where, whether financial or simply sentimental value.
You may not feel that you have anything to leave – but we all have assets of some description or value. Maybe a death in service scheme at work, or a pension or life insurance policy, property, treasured possessions, family items.
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Why should I have a will?
A will permits you to do many things that would not be possible if you were to die intestate (without a will). This includes specifying the person(s) who will administer your estate, giving direction to your executors as to what is to happen to specific assets, achieving desired tax and estate planning objectives, protecting your assets from being used to pay for Long Term Care fees and indicating who should be the guardians of your young children.
What happens if I die without a will?
Dying without a will (intestate) will have various consequences. Firstly, the cost of administering your estate will be higher, and the person who is given authority to administer your assets will not necessarily be someone you would have chosen.
The distribution of your estate is fixed by statute, irrespective of your intentions or the beneficiaries’ needs, with all amounts paid out to heirs as soon as they turn 18 years of age.
Although the laws of intestacy have recently been amended, they are still old fashioned and take no account of co-habitees, second families, or modern society. It assumes that we all live harmoniously within a traditional nuclear family and whilst this is still relevant for a lot of families – it is also unfair to people who choose to live differently.
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