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Why make a Will?
It is estimated that up to two thirds of people do not have
a Will. Many people find the thought of making a Will
unpleasant or assume that they do not need to make a Will
because their family will be adequately provided for by law.
Most people do not realise that if you are married and you
die without a Will, your spouse might not end up inheriting
your entire estate.
A person who dies without leaving a Will is said to die
"intestate".
The law on Intestacy dictates what should happen to your
estate. Where you die leaving a spouse but no children, your
spouse will only inherit the first £450,000 of your assets
(this excludes any assets owned as joint tenants) and the
remainder of your assets will be divided between your spouse
and other relatives such as parents, brothers and sisters and
nieces and nephews.
If you die intestate leaving a spouse and children, your
spouse will inherit the first £250,000 of your assets
(excluding any property owned as joint tenants) and the rest
of the estate will be divided between the spouse and children.
Unmarried couples often do not realise that they are not
automatically entitled to inherit from their partner unless
they are named in their Will. If your partner dies without a
Will you may face an expensive Court action to claim provision
from their estate.
Making a Will need not be an unpleasant process.
QualitySolicitors Knight Polson have experienced staff who can
prepare a Will for you with a minimum of fuss and can answer
any questions you may have about making a Will or Inheritance
Tax. We also store our clients' Wills at no extra cost.
If you would like to learn more about this subject and the
service QualitySolicitors Knight Polson can offer, please
contact Carolyn Russell or John Pearce on 023
8064 4822 or email
carolynrussell@qualitysolicitors.com, or
johnpearce@qualitysolicitors.com.
Dated: May 2012
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