Why is making a Will important?

A Will ensures certainty in the disposal of your property. It does not have to be complicated, but even a simple Will removes all confusion and possible upset at a time when emotions are often very sensitive. It ensures that all possible disposals are allowed for. Many people say that they do not really have anything to leave, but in reality everyone has assets that are worth something. People also say that their relatives know what they want to happen, but why leave it to chance. In cases where there are a few relatives it is often wise to have a "backstop" bequest, that in the event that no relatives survive you the property goes to a charity, for instance. In the event that there are no remaining relatives, the property goes to the Exchequer. In other words, the tax man gets the lot!

In the event that there is no Will then there is said to be an Intestacy. In such cases the so called Intestacy Rules decide who inherits. These Rules may not be what you want to happen.

The Intestacy Rules

If someone dies without a will the Intestacy Rules dictate who inherits as follows:

1. If you are married and the estate is under £250,000 your spouse inherits everything.

2. If you are married with no other relatives and the estate is over £250,000 your spouse gets everything.

3. If you are married with children and the estate is over £250,000, the spouse inherits half of the first £150,000, but only a life interest in half of the rest. (A life interest means you can hive off the invested income, but cannot touch the capital). The other half goes to the children now, with the remainder going to them when the spouse dies.

4. If the estate is over £250,000 and there are no children, the spouse receives £450,000 and half of what is left. The other half goes to the first of the surviving relatives in the list as follows:

  Parents

  Siblings and their children

  Half siblings and their children

  Grandparents

  Aunts and Uncles and their children

  Half Aunts and Uncles and their children

5. If you are unmarried and with no children the estate goes in full to the relatives in the list.

6. If you have no relatives in the list and no will - the money goes to the Crown!

7. Remember - the rules do not recognise "common law" relationships. Without a Will your unmarried partner gets nothing!

8. Remember - if you and your spouse die together and it cannot be determined who died first, e.g. a car accident, the assumption is that the eldest died first. Therefore, in that situation, if you are the eldest your estate goes to your spouse and then the two estates go to whoever inherits from them. Without a Will the Intestacy Rules apply. Without children, it is possible that your in-laws get your whole estate!

Are Will Writing Services a good idea?

NO! Obviously we would say that wouldn't we? However, it happens to be true. Remember Will Writers are not qualified solicitors. Anyone can set up as a Will Writer. You need no qualifications at all. Solicitors are also regulated by the Law Society. Will Writers are not controlled by anyone at all. Solicitors also have to have a minimum of two million pounds insurance cover so that you are protected if anything goes wrong. Will Writers do not have to have any insurance cover at all. They are often limited companies which can be folded up to avoid being sued and then re-opened in another form. Will Writer services are generally not a cheaper alternative. When they offer a fee for their services this is normally for a simple Will with set clauses. If you want anything which is non-standard you will be charged more

Are home made Wills a good idea?

NO! - but again we would say that wouldn't we? These home made Will forms are very cheap. However, the law of inheritance is very complicated and cannot be avoided. It will only be after your death that the Will is tested to see whether it is valid. If you have got it wrong it is then too late! Do not take this chance, pay a solicitor to get it right.

If a relative dies without a Will what can I do?

Contact us immediately, we can help. We can advise you on the Intestacy Rules and help you to apply for Letters of Administration to allow you to deal with the estate.

Why appoint a Solicitor as one of the Executors under the Will

Apart from stating in the Will where your property goes, a Will allows you to appoint an Executor to administer the estate and ensure that your wishes are carried out. It is always safer to appoint "the partners in Foster Wells" as one joint Executor. This ensures that however long you live, and even if your appointed Executor predeceases you, there will be an Executor to deal with the arrangements. Foster Wells have been here since 1860 and have great experience accumulated over the years