True or False: “100% of your estate automatically goes to your spouse if you die”
The average married couple seems to share everything – but if you were to die without a will, do you think your estate would automatically pass to them?
Common misunderstandings about your spouse, your Will and your kids…
Many couples choose to share absolutely everything – finances, property, businesses… troubles and successes. They share with their ‘other half’ because to them, it’s the obvious thing to do.
One of times when life doesn’t work that way is when couples with children pass away without making a Will. And 3 in 4 do just that.
When there’s no Will, a strict set of ‘Intestacy’ rules have to be followed, which means that your hard-earned money and property, called your “estate,” may not end up with the people you want or expect it to.
People assume that because they’re married with kids, everything will automatically pass to their spouse. But that’s not always the case.
As of 1st October 2014, the newest version of these Intestacy Rules state a surviving spouse only gets the first £250,000 of your estate and this could include a share of their house. They will also get half of the remaining assets over £250,000, with the rest going to their children (regardless of whether a property has to be sold to enable this money to be paid).
If that’s not how you’d choose to divide your estate between your spouse, children and anyone else, talk to us about making or updating your Will. We can make sure that your wishes are followed if the worst happens.
3 out of 4 people die without a Will, but making a will an easy solution
3 in 4 estates are dealt with in accordance with strict intestacy laws, which take no account of the individual’s wishes. Having a Will is vital to ensure that the property and assets you’ve worked so hard to accumulate, pass to the people you have chosen.
Your Will must also be very carefully drafted to ensure accuracy – even the smallest mistakes in writing, signing or the ‘execution’ of a Will can render it invalid. This makes it doubly important to have your Will drafted by a qualified professional.
Our lawyers are highly qualified Wills specialists and offer value-for-money advice. Our Wills for individuals start from as little as £125, including a no obligation consultation to assess your needs. For more information, or to prepare your Will, call us on 0800 614 722.