Making a Will

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Making a Will

There are many reasons why only a very small number of people actually make a will but often, it's simply something that we don't get round to doing.

Whether we don't want to think about it or whether we're making the assumption that things will be fairly straightforward to sort out after we die, the fact is that making a will and keeping it up to date could be one of the most important things we do in our lives.

Dying without a valid will, or intestate means that rather than being divided according to the deceased's wishes or even simply passing to a spouse or next of kin, the estate will be distributed amongst surviving members of the family under rules of intestacy. The proportions will vary depending on the circumstances at the time of death but usually a certain amount will be passed to a surviving spouse and any children. If there are no children, other relations may also benefit and in cases where there are no surviving relatives, the estate passes over to the state.

It is important to make a will or update an existing one when getting married or re-married. Any previous will becomes invalid and an ex-spouse will not benefit, unless specified in the new will. This only applies if there has been a legal divorce so it could also be a good idea to re-visit a will if formally separating unless there is a requirement for the ex-spouse to continue to be entitled benefit.

Unmarried couples also need to look carefully at their estate planning, especially if they jointly own property or have children. If one of the partners dies without a will, the property may have to be sold and the proceeds passed to the deceased's family. The recent introduction of civil partnerships has improved the situation for many couples giving civil partners the same rights as a spouse; nevertheless it still makes sense to draw up a will.

Changes to inheritance tax rules in the 2006 budget also mean that estates of those dying without a will is more likely to be liable for a significant tax bill than before as a trust is automatically set up for the deceased's family and many trusts are subject to a new tax charge. An estate passing under intestacy rules will also probably incur a long and costly legal process which can be very stressful for the family at what will already be a difficult time.

To talk to an expert and for professional help with making a will to ensure that the right people benefit after your death, please complete our Quick Enquiry Form above and we will arrange for one of our independent advisers to contact you. Alternatively, you can call us on local rate 0845 108 0505.

Have you got enough life cover? Visit us at www.lifeinsurance.co.uk for the best rates available.

Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.

1998 - 2007 UK Pensions - Planning before, at the onset and during retirement.