Making a Will is the only way to help guarantee the future of your loved ones and ensures that those whom you want to benefit from your Estate actually do.
At McMillan Williams we have a team of Solicitors who have had years of experience helping a wide range of people plan for the future to ensure that their family and friends are cared for in accordance with their wishes rather than being dealt with under the Rules of Intestacy in which the Law makes assumptions as to who should get your property. We also provide an Islamic Will service for those who wish to make a Will in accordance with Islamic Law, which is also compatible with the Laws of England and Wales.
We are able to provide you with a wide range of advice on matters such as;
Setting up trusts for your children so that they have adequate financial provision
Tax planning including limiting your Inheritance Tax contribution
Provision for unmarried couples
Appointing Guardians
If you die without making a Will and are married with children:
Your spouse or civil partner only gets the first £250,000 outright and any personal possessions and your children get half of what is left.
If you are married or in a civil partnership with no children:
If you leave parents, brothers or sister of the whole blood or nephews or nieces then your spouse or partner only gets the first £450,000 outright and personal possessions.
If you are married or in a civil partnership with no parents, brothers or sisters or nephews and nieces:
The whole estate goes to your spouse or civil partner.
If you are single with no children:
The whole estate goes to your parents but if your parents have died then it is shared between your brothers and sisters. Ultimately if you have no near relatives then the estate goes to the Crown.
Do you have children under the age of 18?
In your Will you can appoint a Guardian to care for your children until they reach the age of 18. You can set up trust funds to define when your children can access the money. You can set up a discretionary trust which will give the Trustee discretion as to how and when the money is used for the benefit of the children.
In the absence of a Will appointing a Guardian should both parents die, it is left up to the Courts to decide who your children shall live with. Until the Courts make the decision your children will probably be in care. Even then, the Courts make a decision for you without taking your wishes into account.
Are you going through a Divorce?
If you do not have a Will and you die your Estate will be distributed in accordance with the Rules of Intestacy. If you die before the Decree Absolute is granted and you do not have a Will then your spouse will receive the first £250,000 of your Estate and your children only get half of what is left. You can make a Will expressing who you wish to inherit your Estate without risking a situation where your children are left with minimal financial provision.
If you die, any property owned in Joint names with your spouse will automatically transfer to your spouse. To ensure that this does not happen you will need to sever the Joint Tenancy so that you own the property as Tenants in Common. Severing the Tenancy will be pointless if you do not also make a Will stating who you want to leave your share to. Otherwise, your share will pass according to the Rules of Intestacy i.e. your spouse will receive the first £250,000 of your estate.
If the financial aspect of the Divorce has been finalised and the Decree Absolute has been granted, your former spouse will not usually be entitled to benefit from your Estate. Under the Rules of Intestacy your Estate would therefore pass to your children. If your children are under the age of 18 and you have not appointed trustees to look after your children’s money, the other parent would be responsible for looking after the money on their behalf.
Have you received a large sum of money as a result of divorce proceedings?
Your Estate will be liable to 40% Inheritance Tax on any amount of your Estate over the Nil Rate Band, which for the tax year 2008/2009 is £312,000 and for 2009/2010 is £325,000. You may need advice on Tax planning, including reducing your Inheritance Tax liability so that your loved ones will have maximum benefit from your Estate.
Do you live with a co-habitee?
If you live with a co-habitee with whom you have set up home and you die Intestate, your partner will not have any automatic right to inherit anything from your Estate. Your partner will have to make a claim and it will be up to the Courts to decide how much he/she will be entitled to.
Have you re-married since making a Will?
If you have married again or intend to re-marry or form a civil partnership, any existing Will is automatically cancelled and of no effect and if you die your Estate will then pass in accordance with the Rules of Intestacy.
Are you divorced and have no children?
Your whole Estate will pass to your parents but if they have died then it is shared between your brothers and sisters. Ultimately, if you have no near relatives your Estate will pass to the Crown i.e. the Government.
It is never too early to start planning for the future and at McMillan Williams we offer a friendly, personal and efficient service tailored to your individual needs. For further information please contact our Private Client team at Carshalton 020 8432 2041 or South Croydon on 020 8253 7600 or by email carshalton@mwsolicitors.co.uk or southcroydon@mwsolicitors.co.uk.