WHY
SHOULD I MAKE A WILL?
I AM NOT GOING TO DIE YET! |
If only we could all be so certain. We all believe that we
are going to live long enough to receive a telegram from the Queen and that we have plenty
of time to make a Will but unfortunately it does not always happen that way. It is a fact
that more people die each year without a Will than with one. In an age of second
marriages, more and more people co-habiting and two or even three sets of children within
a relationship it is more important than ever to make a Will.
Making a Will enables you to:-
(a) Ensure that your property and possessions ("your estate")
are passed to the beneficiaries of your choice
(b) Appoint the Executors of your choice
(c) Appoint Guardians for your infant children
(d) Leave specific gifts to friends, family and charities of your
choice
(e) Reduce your inheritance tax liability.
It is especially important to make a Will in the following circumstances:-
(a) You are unmarried but co-habiting
(b) You are in your second marriage and you and your spouse have
children from previous marriages
(c) You are single with no close relatives
(d) You wish to provide for a charity
(e) You own a business.
WHAT HAPPENS IF I DO NOT MAKE A WILL?
If you do not make a Will you will die Intestate which is a technical word for someone who
dies without a Will and your estate will be distributed in accordance with the Intestacy
Rules.
This means:
If you are married without children then your spouse will receive £200,000 plus your
personal chattels. The remainder of your estate is divided as to half for your parents or
possibly your brothers and sisters and the remaining half for your spouse.
If you are married with children then your spouse will receive £125,000 plus your
personal chattels. The remainder of your estate is then divided as to half for your
children upon them attaining the age of 18 years and the other half is placed in trust so
that your spouse will receive the income from the trust for his or her lifetime and on his
or her death the capital sum passes to your children.
Quite clearly therefore it is important to make a Will to ensure that your spouse is
adequately provided for (and with property prices on the increase it is even more
essential to ensure that your spouse is provided for if the property is only in one name).
If you are unmarried but have children your estate will pass to your children and if you
do not leave children then your estate will pass to your parents or brothers and sisters.
There are other provisions in the event that you do not have any brothers or sisters
surviving you. |
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| WHAT
DO I NEED TO DO? |
You should contact your solicitor to make an appointment
to call in to discuss your Will.
You will need to consider the following:-
(a) The approximate value of your estate including, the value of
your property, savings, insurance policies and house contents
(b) Who is to be your Executor
(c) Who is to be the guardian of your children
(d) Whether you wish to give a specific item to any one
(e) Whether you wish to give a specific sum to any one i.e
grandchild
(f) What happens to your business
(g) What happens to the rest of your estate
(h) What happens if the main beneficiary dies before you.
Any questions?
Contact Susan Dawe on 823398, Whatley Smith & Co. Solicitors, 1 Augusta Street,
Sheringham |
| READERS LETTER |
 |
Dear Melanie
The above photo shows my Dad's shop in Wyndham Street. I was still only a child when we
left Sheringham so I do not remember much of the history of it. I do remember when the
rocket sounded for the lifeboat to go out, we would all run down to the slipway to see it
being launched. We loved to watch that. Yours sincerely, Olive A. Wright |
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