Estate Planning and Making a Will
Protect Your Home and Family
Lorraine Snyder LLB is an estate planning specialist with Collective Legal Solutions, having previously worked as a partner/solicitor for 15 years in Liverpool. She provides the following insight into estate planning:
Irrespective of your age or the value of your estate, making a Will is one of the most important ways you can ensure your family and assets are protected.
Dying without a Will – known as intestate –means that certain rules dating back almost 100 years will dictate how your assets are divided and this may not be as you intended. Without one, if you are married and have children, your spouse may only inherit part of your estate. If you have no children, your spouse may have to share your estate with parents-in-laws. If you are unmarried, your common law partner may not get anything at all from your estate, even if you have children together and disregarding how long you have lived together. Further, you would have no say on who you would wish to take care of your children in the event of your death or the age that you would want them to inherit.
There are many issues that we face today which, unless protected against in our Wills, can result in our assets not being available to pass to our loved ones. A Will can resolve Inheritance Tax issues for those whose assets are worth over £312,000. A Will can ensure that your assets will eventually pass to your children/other beneficiaries rather than to any new spouse in the event of a surviving spouse remarrying. A Will can also ensure that your share of your property will eventually pass to your children/other beneficiaries rather than being used to fund the survivors care should that become an issue in the future.
Making a Will brings security and reassurance not just for you, but for all those who depend on you, either now or in the future. Don’t allow your family to become one of the many millions who have experienced the human cost of intestacy.
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