There are a number of rules which apply to how your home will be dealt with if
you die without a will. What happens will depend on how you own the property:
As sole owner:
If you are the sole owner of the property, without a will your property would
form part of your estate and be distributed according to the rules of intestacy.
As a tenant in common:
If your home is owned on a tenants in common basis with someone else your share
of the property will form part of your estate. Again, without a
Your property is essentially dealt with just like any other asset that you own.
However, there are some additional considerations if you own property together
with someone else.
When you buy a property with someone else you can own it in one of two ways:
1. As joint tenants.
2. As tenants in common.
How you co-own your home will affect how it can be treated in your will.
Joint tenancy
Where property is owned by joint tenants each owns an equal share in the whole
property and the property c
If for whatever reason at any time you choose to cancel or revoke your Will this
can be done in one of two principal ways:
1. By destroying it.
2. By making a new one, which expressly revokes any previous Wills.
Destroying all previous Wills
Simply gather together all signed copies of your Will including those securely
stored elsewhere and destroy them for example by tearing them up, shredding them
or burning them. Alternatively you can get someone else to destroy them in your
presence.
Ma
There is no legal requirement to use a solicitor to make your Will. Most
people’s affairs are relatively simple and straightforward and in most cases you
can make a Will without the help of a solicitor.
If your affairs are more complex
Of course, if things are more complicated then using a solicitor might be
something you should consider. Complicated arrangements could include:
* Being responsible for a person who will need ongoing care and financial
support after your death, for example
Making a will is always a good way of making the best available use of your
inheritance tax (IHT) allowance and minimising the amount of IHT payable when
you die.
Planning
What a will can’t do though is reduce the value of your estate available for
taxation, this will instead need some forward planning and this is something a
financial advisor may be able to help you with.
There are a number of options available to you, which may include disposing of
some of your wealth while you’re still aliv
If you have documented your wishes that are to be carried out after your death
in the form of a will, you will need to review it periodically.
Having your estate and finances distributed to people of your choosing can be
handled legally by way of a will. However if your circumstances change you may
want to alter things like beneficiaries or change assets that are bequeathed to
a specific person.
Life brings about many changes and there are a number of instances where you may
need to amend your Read More »
In the eventuality that the unthinkable happens, you will need a will to make
provision for your partner or spouse. This will not only ensure that they are
financially provided for, it will saves months of painful legal process and
potential disagreements with other relatives.
Making a will is not always on the forefront of everyone's mind especially when
daily living, work, and other things take over. However, it is a sound part of
your overall financial planning.
If you happen to die befor Read More »
Traditionally, the way to write a will and get your affairs in order has been to
engage the services of a solicitor. Having expert help to walk you through the
legal steps required gives a level of comfort and security when it comes to
making plans for your estate.
It also comes at a price.
Using a solicitor to document how you want your finances and assets managed in
the event of your passing does not come cheap. It can also take more than one
appointment which can rack up the cost.
An onl Read More »
You may have thought once or twice about preparing your will. It is one of those
tasks that is easily put off, but it is essential to protect your family, your
estate, and convey your wishes legally and effectively.
However, like many others you may have delayed writing your will for any number
of reasons.
It can be time consuming
It can be stressful or unpleasant
It can be expensive
To draft a will in the traditional manner you will need to book an appointment
with a solicitor, sort out Read More »
Now the hangover has passed and we are back into daily routine here are three
simple things you should sort out in the New Year to keep your AFFairs In Order
(thats the origin of the affio name).
1. Write your Will – it should take between half an hour and an hour to do on
affio. Print it, sign it in front of witnesses and put it somewhere safe.
Tell someone you trust where your Will is! Wills are much simpler than
people realise and it is better to have something and come back lat Read More »
