A will is a legal document in which a person sets out what should happen to their money, possessions and property, which is legally defined as an estate, after they die.
If you are one of the majority of adults in the UK who do not have a will, then you will be classified as having died ‘intestate’, and your estate will be distributed by the state under intestacy rules. These are a standard set of rules that are strictly enforced and take the place of a will.
Under intestacy rules, your spouse or civil partner (if appropriate) will receive all your personal possessions and the first £250,000 of your estate, with half the amount after that shared between the spouse or civil partner and any children you may have. If, however, you have no children but have a spouse or civil partner then they will receive your entire estate through intestacy. If you do not have a spouse or civil partner then your estate will be distributed in accordance with the order of priority set out in intestacy rules.
If these rules do not provide a satisfactory result then it is recommended that you visit our will drafting solicitors in Chester as a will enshrines your wishes for what happens with your estate.
If one of your reasons for not making a will is the belief you are not wealthy enough then you are misguided. The average homeowner now has property worth over approximately £200,000, which is a substantial amount of money to leave behind without planning who benefits.
Having a valid will also carries tax benefits. Through a will you can also sometimes mitigate the impact of inheritance tax upon your estate, providing a further benefit to the people you have chosen to inherit from your estate.
It is never too late to make a will nor is it an expensive process and so now you understand the importance of getting your affairs, should you wish one of our Chester will solicitors can assist you to make your will.
At Freeman Jones Solicitors we offer all clients an initial free 30-minute consultation to discuss matters. No matter how straightforward or complex your estate is our solicitors have the expertise to help you in making a will which will give you a piece of mind as you plan for the future.
The information contained within this article and all our articles is for information purposes only and must not be relied upon as legal advice.