Considering your will in the UK
Let's face it, no-one really likes the idea of sitting around and pondering their own mortality. However, the truth is that no-one really has much of a say with regards to how much longer they're going to be on earth, and nobody knows what's around the corner.
As such, it's extremely important for you to make a will. By doing so, you're making provisions for your affairs to be looked after and managed in the manner you choose after your death.
That being said, if the will that you make isn't legally watertight, your family could run into problems after your death. To avoid this, there are a few things that you might want to take into consideration.
While you can make a will from the age of 18 onwards, you could find that you reach major milestones in life or have some changes in circumstance after you first create one. For instance, you could buy a new home, get married or divorced, come into a great deal of money or have children after creating a will. As such, it's important to update your will every time you feel it is necessary to.
If you have children, they can legally inherit from the age of 18. However, many parents delay this until their children are older, as they feel this will allow them to handle their inheritance more responsibly.
If you have infant children, you can appoint a guardian that you would like to bring up your children in the event of your death. However, if you don't have a will, social services and courts will decide who the child will live with, and any money from your estate will remain in a Trust for the child.
In the event that you're married or in a civil partnership with children, £250,000 will go immediately to your spouse or civil partner, with the balance of your estate then being divided equally - 50% going to provide an income for life for your surviving spouse or civil partner and the other 50% split equally between any children once they reach the age of 18.
If you're married or have a civil partner, but don't have any children, up to £450,000 of your estate will go to the surviving spouse or civil partner, with the remaining balance being divided in two between your surviving spouse or civil partner and your parent's or brothers and sisters.
If you're living as common law husband and wife or are part of a same sex couple living together outside of a civil partnership the law, unfortunately, makes no provision. Whilst you're not entitled to a share of your partner's estate, you can make a claim under the Inheritance (Provision for Family and Dependants) Act 1975, provided that you and your partner had been together for more than two years.
One important thing to note when is that if you get married, your divorce doesn't automatically become invalid - although it does if you get married. As such, it's very important to make a new will following a second marriage - especially if children are involved.
It's also important that a will can be invalidated in a number of ways - for instance, those that haven't been witnessed properly or don't express wishes clearly, so it could be a good idea to make sure that a specialist solicitor experienced in will writing assists you if you are considering making a will in the near future.
About the Author
The author of this article on making a will is a part of a digital blogging team who work with brands like Access Legal. The content contained in this article is for information purposes only and should not be used to make any financial decisions.
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