They say there are only two things certain in every life; death and taxes.

Contrary to belief, you do not need to use a lawyer in order to write your own will. It must simply be in writing and be properly witnessed by two independent third parties when you sign it. However, if you have complicated tax affairs, you own a business or have assets overseas or you have children and/or have been separated, divorced or remarried, then you should certainly consider taking expert advice

In any event, you should make a will if you want any control over your assets after your death. Not doing so can cause untold heartache and distress for those left behind. Dying without a will means you die ‘intestate’. In such circumstances the usual rules applied are as follows;

  • If married, your husband or wife may inherit most or all of your estate and your children may receive nothing (except in Scotland), even if you are separated but not yet divorced.
  • If you’re not married and not in a civil partnership, your partner is not legally entitled to anything when you die.
  • If you make a will you can decide exactly what your children and grandchildren may receive from your estate when you die. If not, the rules set out above will apply.
  • Any Inheritance Tax that your estate has to pay may be higher than it would be if you had made a will due to the lack of prudent, legal tax planning.


It’s worth noting that if you die with no living close relatives, your whole estate may well belong to the Crown or to the government in its entirety! This law is called bona vacantia.

At Mortgage Required we offer a specialist wills and estate planning service allowing proper provision for all your loved-ones in the event of your death. We will ensure that the will properly reflects your wishes and is ‘tax efficient’ meaning the beneficiaries of your will receive the maximum possible and the taxman only gets what is due!

For more information see our Wills and Estate Planning page or speak to an adviser on 01628 507477.

Related articles:

 

 

Download our Free First Time Buyers Guide

Recent posts

Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.

If you are struggling to get over the hurdle of saving enough deposit due to being in a rental property, but wish to purchase your own home, you may be able to with a 100% mortgage. You will need to meet certain requirements and be financially stable.

If you are looking at remortgaging your property but you are unsure whether it’s the right decision, we have listed five reasons why it might be for you.

As the cost-of-living crisis continues, many people across the UK are struggling financially, many of whom are finding it hard to get debt-free.

According to research by StepChange, there are five common reasons people don’t seek help and advice with debt concerns.

Friyay Rate Reviews

6 Feb 2024

Every Friday our experts search the market for the latest rates from every lender saving our clients some serious £'s!

Looking to Extend?

2 Feb 2024

Are you looking to extend your property? There are many benefits to adding an extension to your existing home, here are a few. 

Put simply, Equity Release is where you can release equity (money) tied up in your home for any purpose you like. In this short article, we share some reasons why you may want to consider Equity Release.

The team at Mortgage Required may not be able to lower the prices in your local supermarket, but we have come up with a list of tips to help you lower your food shopping bill.