By Louise Misiewicz
Do you have a Will in place?
Do you know what happens if you don’t make a Will?
One of my team of tax management and asset planning team came across an interesting statistic this week, and I wanted toshare it with you.
According to the Law Society in their October 2014 article suggested that over two-thirds of people over 64 do not have a Will in place. This means that there will be a lot of expectations not being met by parents and siblings of how assets are to be transferred upon death.
Not having a Will in place is called intestacy, as it does not specify who gets what when you die.
Intestacy – who gets what assets?
Married couples without children: Your assets will pass in full to your spouse if you die and there is no Will in place. This could mean that other family members (not children) would receive nothing, even if you had intended to pass them money or assets.
Non-married couples: If you die and have no Will, then your partner (not married) will receive nothing.
Married couples with children: Your spouse will receive £250,000, all chattels and half of the remaining assets left in the Will If you are married and have children. This means that your children will receive the balance. Please note that this only applies to adopted and natural children.
I recently wrote a detailed article here on estate management and asset planning which is worth reading.
The importance of getting a Will
As you can see it is important that you have a Will in place that identifies by name who gets what assets.
Failure to get your Will organised could result in loved ones missing out on assets that were originally intended for them.
Have you got one in place?
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