In the UK, over 30 million adults have postponed creating a will. Due to the mistaken notion that. In the event of an untimely demise. All assets will transfer to their partner.
This is not the case, presenting a significant concern.
A Will is a legal document where you express your desires. For the fate of your assets. Such as property, money, possessions. Your investments and children, upon your death.
If you reside in the UK and die without a valid legal arrangement. Such as a mirror will. The government assumes control over the distribution of your assets. Other people are at liberty to make decisions. For their own benefit. Regarding the care and education of your children under the age of 18.
When looking at estate planning it is much easier with a mirror will Bournemouth. You can discuss lasting power of attorney with your legally binding will. Power of attorney, legal advice, discretionary trust, financial security and secure storage are just some services we can offer.
The problem with DIY wills is the amount of inheritance tax your loved one could be left with. Inheritance tax planning is a vital part of estate planning needs.
For all aspects of estate planning call our team today. We can discuss overall cost. Cover all important matters. From capital gains tax to a lifetime trust.
The powers of attorney are an essential part of a mirror will. Our team have years of experience. Your personal circumstances, mental capacity and financial affairs are part of the whole process.
A mirror will remove any potential conflicts. We can cover England & Wales. Offering a completely online service.
Intestacy Rules Unravelled: Your Guide to Inheritance When it comes to your inheritance, the rules of intestacy step in if you pass away without a will while married or in a civil partnership. But what are the consequences, and how can you ensure your desires are executed? Let’s dive in.
The Outdated Laws of Intestacy
In the absence of a will, the government follows the laws of intestacy, a set of procedures that dictate who inherits your property. However, these laws fail to consider modern family dynamics, leaving single parents, stepchildren, and divorcees in a complicated position. It’s crucial not to blindly rely on these outdated rules.
Protecting Your Loved Ones
To avoid unwanted intervention, it’s essential to take charge of your estate. Enter the mirror will, a formal document that articulates your wishes for the distribution of all your assets after you pass away. From finances to real estate, investments to personal belongings, a mirror will covers it all. Plus, it allows you to name legal guardians for any minor children you have.
Crafting Your Desires
Bequests in your mirror will can take various forms, ranging from specified monetary amounts to cherished items of sentimental value. To ensure clarity and prevent confusion among your beneficiaries or administrators, it’s crucial to clearly define your bequests.
Let Us Assist You in a Mirror Will Bournemouth
With our will writing service, we’re here to guide you through the process of articulating your contributions accurately and effectively. Say goodbye to uncertainty and take control of your legacy today.
Wills 4 Less writing company after the initial meeting can look at your existing will or single will you want to include your civil partner and give expert advice.
If for example you have just purchased a property abroad or you are worried about inheritance tax, unlike a law firm we offer a small fee for our will writing services.
Ensuring Inclusivity for Everyone
Mirror wills are between yourself and one of more family members.
Within this will writing services you can cover concerns such as inheritance tax, funeral wishes, monetary gifts and minimise family disputes.
Your last will and basic will will make appropriate arrangements to avoid family disputes around things such as care fees who has the family home and who is going to be in the responsible role.
1. Ensuring that everyone is taken care of
Without a valid will, the distribution of assets follows the laws of intestacy, which may not align with your preferences. Creating a will is crucial if you want to have peace of mind about who inherits what after your passing.
This becomes particularly important if you have stepchildren whom you have nurtured and cared for as your own. Writing a will is a surefire way to ensure that everyone receives a fair share, as without one, your stepchildren may not be entitled to anything.
Moreover, if your spouse is a step-parent to your children, preparing a will is equally important. Under intestacy laws, your surviving spouse would receive personal possessions, the first £250,000 of your estate, and 50% of any remaining assets. The remaining 50% would then be divided equally among your children, although this amount may be less than your intended bequests. Additionally, it’s crucial to note that if your spouse passes away, your children won’t inherit anything from their estate (including the assets you left to your surviving spouse). This is due to intestacy laws that prohibit stepchildren from inheriting.
Appointing Guardians for Dependents
2. Designating guardians for your children and pets
In your will, you can nominate guardians for any pets or young children to ensure their well-being if both of you pass away unexpectedly. Although this is unlikely, it’s essential to be prepared for the worst and minimize the likelihood of leaving your children in a state of disarray.
Establishing Your Estate with a Mirror Will Bournemouth
3. Compiling an inventory of your assets
While it’s true that if you’re married, your spouse will automatically receive a portion (or the entirety) of your estate, provided they can access the funds. Families often incur an average loss of £9,700 when someone passes away without a will. This typically includes unclaimed assets, such as pensions and bank accounts. By listing all your assets when creating a will through Farewill, you can ensure that your loved ones know exactly where to locate everything.
Clarifying Post-Passing Arrangements
4. Conveying condolences
Your partner might not be aware of your preferences for funeral arrangements unless you’ve discussed them together. Even if you don’t have strong preferences, including a few instructions in your will can spare your partner considerable stress and uncertainty in the event of your passing.
When using our online will-writing service, you can be as specific or general as you desire. In just a matter of minutes, you can make your selections, including whether you prefer burial or cremation and which songs should be played during the service.
Our will services can include what will happen to your own home or if you rent what happens to the joint tenancy or joint ownership.
Your chosen executors should be trusted people our team offer a consultative approach around your lasting powers on how you want taking care off later on in life.
