Did you know that if your spouse dies without a Will, you may not inherit the entire estate. It is irrelevant how long you have been married – the rules are set in stone and can be harsh.
For example, if the estate, excluding the personal possessions is valued at £570K the spouse will only be automatically entitled to the sum of £420K. This is all very well if the children are your own but what if it is a second marriage and they don’t approve of you? Do this leave you with enough? i
Worse still, if you don’t own your home as joint tenants you do not automatically inherit the marital home. Is your share in the estate sufficient for you to be allowed to remain in your home?
A carefully drafted Will, on the other hand, could give you a life interest in the property, or enough money to keep you in comfort for the rest of your life.
Did you know that if you are single with no children and die without making a Will then your parents will inherit your estate when you die.
Most people assume that their siblings will inherit. This is simply not true. The estate passes to the parents first. This may very well reflect your wishes but what if your parents are elderly or liable for paying for their own care?