A Will is a means by which a person may set out their wishes in respect of their estate in the event of their death. It might detail the deceased’s wishes for funeral arrangements and go into as much or as little detail as required, perhaps even detailing music and a venue for the wake!

However, the main reason for a Will is to set out how one’s estate is to be handled and eventually distributed. It is normal to appoint an executor to the estate who has authority to act in accordance with the terms of the will. This might be a family member or a professional person, such as a solicitor. If the latter, fees will be payable.

Of course, if there is no will, how your estate is distributed is dependent upon law and in general terms, in England and Wales, if you are married, your spouse will inherit the first £250,000 after tax with the remainder split between the spouse and any children. If unmarried then your partner gets nothing and it all passes to your blood relatives. If you have children, a Will is the only way to appoint guardians of your choice. Otherwise, the State will decide. This might result in your children being wards of the State. Furthermore, if you remarry, any former spouse or blood relatives will lose any claim they may have had under a former Will.

Clearly, therefore, not having an up-to-date will is a bad idea.

To speak to our Wills and Estate Planning team contact us on 01628 507477.

Download our Free First Time Buyers Guide

Recent posts

Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.

As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more. 

The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.

Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.

Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.

 

Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break

The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.

Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.

There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.

Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.