If you don’t make a last will and testament, then who determines who acquires what? It may not turn out the way you would have intended. To ensure your wishes are fulfilled, you need to build a last will and testament.

Should you die without without leaving your will in trust it’s the law that dictates how your assets is divided. The intestacy rules will be applied and it will not be what you’d have expected or wanted.

If you are currently married or have a civil partner but no offspring and your estate is worth a specific amount or under then your civil partner will get the total of the property including any life cover . If the estate is worth greater than this threshold and you have existing relatives, your partner will still get this amount, in addition to half of the excess. There exists an priority in which family will inherit, with existing parents positioned at the head of the list, followed by siblings and so on.

If you have a spouse and children then your spouse will gain the set amount as above and half of the remainder. The children would inherit half of the sum over the set amount right away and the other 50% on the death of your partner.

If you have children but no legal partner, then your offspring would share the estate. This may not be at all what you’d have wished. You could have a partner who relies on you and who you might have wanted to obtain at least share of your belongings, who’d receive nothing.

To remove all possible anxiety about your assets, however basic it may appear, it would be wise to make a last will and testament. There are several ways to do this. You may build it on your own or hire a professional will agent or a solicitor.

Often people build their own last will and testament, generally using a template which you can buy from the post office. Take care should you proceed down this route – it’s very easy to make an error and you could potentially find it invalid. The cost of having a will constructed, especially a somewhat straightforward one, is not prohibitive and you can be sure that your wishes will be realised.

A skilled will writer or a solicitor will be used to processing all types of enquiries and will be able to assist you. You might have questions about setting up trusts and maybe taxes.
Now you’ve made your last will and testament, it’s a good idea to inspect it from time to time, as your situation changes. If you decide to change it, then it is prudent to revoke your existing one and have it redone. If the alterations are small, it might be easier to write a codicil to make a section of the will and to be used in association with it. Any codicil will have to be made in the same fashion as the will in relevance signatures and witnesses.

Please be aware that any health insurance cover will terminate on the death of the will holder and no value will be attributed to It in the will.

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