Have you protected your estate for your blood line?
In a will you can name guardians for your children
Have you made a Lasting Power of Attorney?
Partners living together really do need a will
Why you should make a will.
Couples living together.
If you are in a partnership and do not have wills between yourselves your position is precarious. If somebody in such a relationship dies the surviving partner would be treated as single and is unlikely to receive anything from the estate of the deceased partner. Sometimes the house may be in the name of one person possibly from a previous relationship. If that person dies the surviving partner could be homeless.
You must also remember that anything you may leave to each other in a will over £325,000 would be subject to inheritance tax at 40%. If your property was worth, say, £400,000 then the survivor would have to pay 40% tax above the £325,000 mark – £26,000. This could, of course, be higher. You can, however, make special wills to ensure that you can both benefit from the £325,000 rate on both estates giving you a total of £650,000. This saves up to £130,000 in tax.
If you have joint children who do not bear the father’s surname, the mother in her will should name the father as a guardian in case of her death, because the father would not have “parental responsibility” and does not want to go through the process of applying to the courts for custody of his own children! If either of you have children from a previous relationship special wills need to drafted to ensure that all children from both sides get their due inheritance.
Call to speak to me personally without obligation.
- Freephone 0800 389 7387
- Mobile 0777 6116 426