Wills

People do not like thinking about death and the effects it has on those they leave behind, but it is something that has to be faced eventually. It is natural that you should wish your property and assets to pass on your death to whomever you choose. By making a will you can ensure that your assets go to those you wish should have them.

There are some assets that cannot be given away in your will (eg. property you hold in joint names

What is a will?

It is a legal declaration of how you wish to dispose of your property on your death. In order for it to be valid it must comply with certain requirements.

Who can make a will?

Generally speaking, anyone over the age of 18 and of sound mind.

However:

It is possible for members of the armed forces to make a Will under the age of 18 but legal advice should be sought in these circumstances.

Under the provisions of the Mental Health Act 1983, the Court of Protection may approve the making of a will, or a codicil to a will for someone who is mentally incapable of doing so themselves. Guidance about how a mentally incapable person can make a will or codicil can be obtained from the Public Guardianship Office.

Intestacy Rules

What happens if a will is not valid?

It is disregarded and the deceased person's property is distributed in accordance with the intestacy rules.

What if I don't make a will?

If you don't leave a valid will your estate will pass in accordance with the intestacy rules. The intestacy rules set out who is entitled to inherit from your estate if you don't leave a valid will.

If you are married or are in a civil partnership, the first person entitled to your estate under the intestacy rules is your spouse/civil partner, but he or she will not necessarily inherit the whole of your estate (the Civil Partnership Act 2004 came into effect on 5 th December 2005 and gave same-sex couples the right to register their partnerships, giving them broadly the same legal rights as married couples).

The amount your spouse/civil partner would inherit depends on how much is in your estate and which of your blood relatives survive you. Assets held in joint names usually pass automatically to the other joint owner(s) and do not form part of your estate (if you are unsure about the type of joint ownership you share with another, you should consider seeking legal advice).

Click here for an explanation of the rules of Intestacy.

In summary they are - for the dates of death prior to 1 February 2009

1.Where the net estate is not more than £125,000 - Everything to spouse/civil partner.

2.Where the net estate is over £125,000 - the first £100,000 plus personal possessions to the spouse/civil partner.

Other things you should consider about the effects of the intestacy rules  

If any of the following circumstances apply to you, the intestacy rules may not cater for your situation in the way that you would wish:

• You are living together but are not legally married or in a civil partnership but wish your partner to inherit some or all of your estate.

• You are legally married or in a civil partnership and have children and you wish your spouse/civil partner to inherit all of your estate.

• You have no living relatives and wish to leave your estate to your friends or to a charity (the Crown may take your estate if you die leaving no will and no surviving relatives).

• You are legally married or in a civil partnership and you don't wish your spouse/civil partner to inherit anything.

• You are legally married or in a civil partnership but have no children.

• You are legally married or are in a civil partnership and have children from a previous relationship and you wish to ensure that your children receive something from your estate.

• You have dependant relatives e.g. children under 18, elderly relatives or relatives with a disability who have special needs and you want to make sure that they are looked after and provided for. (If you make a will you can appoint guardians to look after your children and set up trusts in your will to provide for dependants

• Your estate is large and may be liable for Inheritance Tax and you may wish to make arrangements for tax planning.

Guildhall Financial Services

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