Q. What will happen if I do not have a Will in place when I die?
A. If you die without making a Will, then the Law decides how your estate is divided on your death. This is known as the Rules of Intestacy. This may result in your partner or your children receiving nothing or less than you intended or your estate passing to distant relatives that are not even in your life.
Remember, if you are not married or in a civil partnership, then your partner will not automatically inherit your estate.
If you want to protect the ones that you love, we strongly advise that you prioritise making your Will.
Q. How can I protect my family and friends and ensure that my wishes are granted?
A. Having a legally valid Will in place will not only give you the peace of mind to know that your affairs are in order, but it will also ensure that your estate is passed on to those that you hold dear in the event of your death.
Q. What should I think about when planning what to put in my Will?
A. Liverpool Legal have years of experience in helping clients to write their Will. We understand that everyone’s situation is different, and we will tailor the service to you, so that it is appropriate to your individual circumstances.
You should write a list of the assets that belong to you now, you may own a property or have savings or sentimental objects that you may wish to bequeath to your loved ones.
Think about who you would like to benefit from your assets, it could be your spouse, partner, children, step- children, grandchildren, friend or charity or somebody else.
Q. I just want to leave my estate to my spouse or civil partner and a gift to my children.
A. If you wish to leave your estate to your spouse or civil partner with a substitutional gift to your children. Liverpool Legal Services can act for both you and your spouse or civil partner and can produce simple Mirror Wills in which your respective estates pass from one partner to the other and allow you to leave substitutional gifts to your children.
Q. I own a property jointly with my spouse or civil partner and I want to try and make sure there is something left for my children upon my death.
A. Perhaps you and your spouse or civil partner own property jointly and have other assets or you may have concerns about the possibility of care home fees reducing the value of your estate for your children. A Life Interest Trust of the family home can be created for both you and your partner.
The spousal exemption for IHT applies to this type of Will and can potentially allow your share in the property to pass to your children without surrendering your part of the estate should your partner require care later.
Q. I want to ringfence my share of a property, so that my share of the property reverts to children or grandchildren upon my death, but my partner can still live in it until their death.
A. One way to achieve this is first to ensure that the property is held jointly as tenants in common so you can pass on your share of the property and then to create a Life Interest Trust in your will. This type of will provides in respect of your share of the property a right for your spouse to live in the property after your death for the rest of their life subject to the conditions of will trust (this person is known as a “Life Tenant”). Following the death of the Life Tenant your share of the property would then revert to your children or grandchildren or whoever you choose in your will to be the ultimate beneficiary of your share of the property.
Q. We are in our second marriage and have a blended family that consists of children and stepchildren. Can Liverpool Legal help us to set out our wishes in a Will?
A. We understand that everyone’s situation is different, and we will tailor the service to you, so that it is appropriate to your individual circumstances.
Complex family situations are now more common and if the value of your estate is taxable for Inheritance Tax (IHT) or you have substantial assets more complex and bespoke Will provisions may be needed.
Again, you may wish to ring fence your share of a jointly owned property by ensuring the property is held jointly as tenants in common (this is usually done by severing the joint tenancy by issuing a notice of severence) and provide through your will a life interest for your spouse or civil partner to live at the property until death and then your share of the property reverts to your children.
At Liverpool Legal we have highly experienced, friendly, and qualified lawyers that are ready and to help you figure out the best way to write your Will so that the loved ones that you want to benefit, do.
We will only have your best interests at heart and will advise you accordingly. For further information and a no obligation discussion, telephone Colin Wooldridge on 0151 702 5400 or send an email to enquiries at enquiries@liverpool.legal or click here for the contact form.
Colin Wooldridge
Colin is a specialist Property Lawyer. He studied at Manchester Metropolitan University and BBP Law School, Manchester. Colin qualified as a Solicitor in 2008 and has specialised in Property Law for the last 7 years. He has extensive experience in all aspects of property law and has dealt with the full range of residential property conveyancing matters from starter homes to properties exceeding one million pounds. Colin deals with both residential and commercial property matters throughout the UK and he has a reputation among his clients for dealing with their property matters quickly professionally and efficiently. In his free time, he enjoys holidaying in Ireland with his family and playing tennis.