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
You may already know that the month of October is Free Will Writing Month. This
is a great opportunity for those that haven't already prepared this vital
document to do so without charge.
For the entire month of October those aged 55 and over can write a will and
leave their estate, assets, and valuables to their loved ones. Appoint an
executor, name beneficiaries and make sure your legacy goes to the right people.
There are several places where you can write your will for free during the mont Read More »
When creating a will to document the division of an estate or assets, the
tendency can be to look for a will writing service that is located close by.
Historically the large majority of people have visited their town center or
high street and prepared their will with a local solicitor.
In fact, the term ‘will writing services near me’ scores very high for the
number of searches in Google’s engine.
This demonstrates that for those looking to write their will there is a common
thread of seekin Read More »
You have until June 4th to write your Will
[https://www.affio.co.uk/why-should-i-use-an-online-will-writing-service] and
register it for free with The National Will Register
[https://www.nationalwillregister.co.uk/aboutwillregistration.aspx] using code
FreeWillReg2021.
The National Will Register is a trusted partner of the Law Society of England
and Wales. The register is used by individuals, families, organizations,
government agencies and law firms to register their will. There are over 8
mi Read More »
There is a lot of talk around the importance of writing a will to ensure that
your money, property, and other assets are bequeathed to the family members or
children that you wish to nominate as beneficiaries of your estate.
However, did you know that there are certain types of financial assets and
property that you should not or cannot include in your will?
These types of assets are usually jointly owned or contain some sort of
instruction that dictates what happens to the property should you Read More »
If you have recently been considering making a will then you may have stumbled
across one of the many online will writing services.
While this may look like a fast, efficient way to prepare your last will and
testament, it may have left you with some unanswered questions.
Here we will take a look at the positives and negatives of using an online
service for your will preparation.
Pros
Convenient
Preparing a will online saves a trip to the solicitors office and means that you
can write your Read More »
