Strict regulations govern Wills and the management of estates following a person’s demise. Therefore, relying on certain misconceptions can potentially create complications for your loved ones.
In this informative piece, we delve into several prevalent misunderstandings and shed light on the accurate stance regarding them.
What Will Happen to My Assets If I Pass Away and My Spouse Survives?
If you pass away without creating a Will, then the Rules of Intestacy will determine the distribution of your assets. According to these rules, if you have children, your spouse will receive all your personal belongings along with the initial £270,000 of your net estate. The remaining estate will be divided into two parts, with your spouse inheriting one half and your children equally sharing the other half. As a result, there is a possibility that your spouse may receive a significantly larger portion than your children, which may not align with your preferences.
The Impact of Marriage on the Provisions Stated in My Will will be Unaffected
When you enter into marriage, your existing Will becomes void, unless you have created a Will specifically considering your marriage. As a result, your estate will be distributed according to the laws of intestacy. Consequently, it is crucial to create a new Will upon getting married.
Can I make Changes To My Will if I Initial Them?
It is important to note that altering your wishes in an incorrect manner will not result in the desired amendments. If you wish to make changes to the provisions, it is advisable to create a new Will. This new Will must explicitly state that it revokes all previous Wills.
If you wish to make a small change, you have the option of creating and signing a codicil, which can be properly witnessed and attached to your Will. If you need a will writing service in Wokingham, you can search on Google. You will get many Will writing service providers within a few seconds.
If I Die, My Family Can Decide Who Will Look After My Children
If you fail to create a Will that specifies your desired guardians for your children, the responsibility of choosing their caretakers will fall upon the court. Even if someone expresses their willingness to assume this role, the court reserves the right to select an alternative candidate.
When creating a Will, you have the ability to designate both a guardian and trustees who will oversee any financial inheritance for your children until they reach the age you have specified. This ensures that your wishes regarding their care and inheritance are carried out accordingly.
Passing My Home to My Spouse
The outcome of your home will be determined by the form of joint ownership you possess. If you and your spouse are joint tenants, your spouse will automatically assume ownership in the event of your death. However, if you are tenants in common, the distribution of your share will adhere to the provisions outlined in your Will or the Rules of Intestacy. Consequently, there is a possibility that your spouse may be compelled to vacate the property if your share is inherited by another individual.
Navigating the Complexities and Costs of Creating a Will
Creating a Last Will and Testament can be a relatively simple process that doesn’t require a significant amount of time. Additionally, it offers the reassurance of ensuring your loved ones are taken care of in the event of any unfortunate circumstances.
If you don’t have a Will, the possibility of a dispute arising after your passing increases, which could be costly and deplete your estate’s finances if your executors have to defend against legal action. Writing a Will is usually affordable, and it helps mitigate these risks.