Dying to write a will
It’s been well noted
in the media that some celebrities, such as Barry White,
have died without leaving a will, causing a flurry of legal
battles between friends and family members. Peter Ricketts,
at West Sussex based Chartered Accountants Morris Palmer,
explains the importance of making a will, and the implications
that can be caused by not having one at all.
According to history books
a passenger onboard the Titanic was quoted saying, "I
swear that, as soon as we get into port, I'll see about
getting that will made". Although many of us don’t
like to think about dying, it will eventually come to us
all, which is why it’s best to make sure that our
financial affairs are dealt with properly when the time
comes.
Writing a will is not as complicated
as some may think, you can even buy papers from the Internet!
It really is a case of simply stating to whom you wish to
leave your estate(s), monies, personal possessions and so
on. The will must be signed in front of an independent witness
and kept in a safe place, but be sure to tell those close
to you where it is, as in some instances wills have been
written and lost, which is of no help at all.
Real problems occur if no
will is written at all, as the Government can end up with
all your assets if you have no close relatives, and even
if you do your wishes may not be accounted for. If you are
married with children when you die your spouse gets everything
up to £125,000, along with your personal possessions.
The remainder is split in half, with 50% going to your children
and the balance going into a trust for the rest of your
spouse’s life, when your spouse dies this half reverts
back to your children.
If you have no children, but
are married, your spouse will receive everything up to £200,000
along with personal possessions, and the rest is split between
your parents, however if they have already passed, it will
be passed onto your siblings.
Nowadays, however, many people
simply co-habit with their partners, and see no reason to
get married. If you are in this position it really is best
to ensure a will is written, because the consequences can
be devastating for the partner left behind. If you are unmarried,
a shared home may have to be sold if it is not in joint
names, and the proceeds, along with the rest of the estate,
will go to the next of kin. To stop this happening your
partner will have to resort to the courts to recover their
fair share.
Dying without a will can cause
a great deal of additional stress for everyone involved.
If you are unsure about how to write a will or the legal
implications that can occur when one doesn’t exist,
speak to a specialist.
For more information please
call Peter on 01403 750444.
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