It is important to prepare a Will even if you do not have a large estate. Without a will, there are rules that determine how your assets are dealt with in the event of your death, and this may not be what you would wish or expect. This is known as intestacy, and under the rules of intestacy, only married partners or registered civil partners and some close relatives can inherit. If you have divorced or legally ended a civil partnership, you are not able to inherit under these rules.
If you have children, especially children from previous relationships, it is important to leave clear instructions within a Will. Failure to leave an up-to-date Will can sometimes lead to financial difficulties for your partner and loved ones.
Specialist advice may also help you minimise tax burdens on any inheritance. If you have dependents who may be unable to care for themselves, it is important to make provisions and leave clear instructions within your Will.
If a couple own a property as beneficial joint tenants, you both own the property, and neither party can sell or re-mortgage without the permission of the other. Neither party can leave (Will) their interest in the property to another person. However, on the death of one partner, the property automatically passes to the surviving partner.
If a property is owned as tenants in common, each party owns a specific percentage or share of the value of the property, and this does not pass to the surviving partner or partners on your death. You are able to leave your share to another person in your Will.
Your Will should contain details of the person or persons that you want to be executors of your estate. They will be responsible for dealing with the taxes, debts and administration of your estate.
If you would like to make a will or a Lasting Power of Attorney, or if you have questions as to how to plan for the future, please contact us on 0151 254 6980. Michele Henderson is a TEP consultant, and can advise you on all matters of estate planning.
We are based in Cheadle Avenue, Liverpool, with free parking and we are on the ground floor, so access is easy. However, should you be unable to attend the office, we can arrange for a home visit if required.