WHERE THERE'S A WILL...THERE'S PEACE OF MIND
For many of us, writing a will is something that hovers around the top of our to do list for months if not years. We know it’s important but hey, life’s busy right?! It can wait until tomorrow. The thing is, if you’re a property owner, stating your wishes in a will ensures your loved ones benefit from this valuable asset.
What is a will?
In essence, a will is a statement of where you want your estate (in other words everything you own) to go after you die. Wills can cover everything from guardianship of children and pets, to sharing out money and passing down property. Wills can even drill down to the minutiae of who you want to have your favourite teapot.
Clearly stating how you want your assets to be divided will avoid unnecessary stress and upset to your loved ones after your death.
If you are a property owner, making a will should be a priority. Property represents a significant asset for most of us and clearly stating in your will who you want to benefit from this asset after your death will make things much simpler for your loved ones. If you die without a will, known as ‘intestate’, your assets will be subject to the law of intestacy which allocates them according to family connections with no regard for how personally important those connections were to you.
Did you know?
• If your property is in your name and you are not married to your partner, that partner will not automatically inherit the home no matter how long you have been together. This is also true for step-children. In these cases, you can leave a share of the property to your partner or step-children in your will or grant them a ‘right to reside’ in the property.
• Leaving your property to your spouse or civil partner will mean it is automatically exempt from inheritance tax. Leaving property to your children or grandchildren should mean a lower inheritance tax bill than if you leave it to other people.
• According to moneysavingexpert.com, if you own property with someone else on a ‘joint tenants’ basis, ownership will automatically pass to the other owner on your death under ‘survivorship’ rules. If you own that property on a ‘tenants in common’ basis your will must state who you want to inherit your share of the property or it will be subject to the intestacy rules.
• If you own property overseas, it will be subject to the laws of that country which could be different to UK law. To be sure that your wishes will be honoured, it is advisable to take specialist legal advice.
• If you buy a new house, you need to write a new will. The fact is, even if you already have a will, it should be reviewed regularly to ensure all is as you wish and those closest to you are looked after. A good benchmark is to review your will every 5 years.
Getting it done
Prepared properly, a will is a legally-binding document so although you can draw up your own will it pays to seek expert advice from a solicitor. There are cost-effective ways of doing this: for example, many charities now offer free solicitor-written wills in exchange for a donation or a bequest to their charity in your will.
Far from being a morbid subject, getting your will done gives you the freedom to live life to the full knowing your wishes will be honoured and those closest to you will be taken care of.
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