Wills & Will Writing in Devon
Why arrange a will?
A good, legal will is important as it provides clarity for the future. It will ensure your estate passes down to those you intended. You can also use a will to make guardianship wishes known to help your children.
The kind of will most people get provides a simple gift arrangement. The estate, in a simple will, usually passes to the spouse and then children and grandchildren. Many people are really surprised about how little protection a basic will offers. They assume that once it is in the Will, there will be a nice, happy beneficiary. But they don’t think about what happens next.
What can go wrong with simple wills?
What happens if your kids get divorced? Where does your money go if the person you give it to has a big credit card debt?
We often think it is sensible to give all of our money to our spouse. Trusting them to give that money to their children. Unfortunately this doesn't always happen. If your spouse remarries, that money can be at risk from the new partner. They can receive large portions of your money intended for your children. It's called sideways disinheritance.
If your children ever get divorced, their spouse could be entitled to some of their inheritance, again diverting it out of the family.
We can look at these risks, and others and set up arrangements that financially benefit your whole family, your spouse and your children, long into the future. Imagine losing half your estate to other families who you may never even have met!
We can ensure that your wishes for your children's guardianship are put in the Will. We want to avoid the awful situation of children ending up, even briefly, in Care. Courts will usually follow your guardianship wishes, but only if you get them legally written.
When you die without a Will
Without a Will you have no control over where your money goes. You die intestate. Your spouse will not necessarily receive everything. The family home may have to be sold, so your spouse may have nowhere to live to settle the inheritance of children.
So get a good Will!
You can see that it is important to make sure you have a good will and cover eventualities that may arise. We can also will help make special arrangements as part of your will...
European Property Arrangements
If you have property abroad, particularly in Europe, you need to ensure that your Wills in both countries deal with your estate correctly and don’t accidentally cancel each other out. We ensure that European Property is correctly dealt with. Currently Brussels IV deals with EU arrangements. We await the legal changes following Brexit with interest.
These protect children's money until an age that you decide they can inherit. Very useful if you are worried about an 18 year old wasting a lot of cash.
Deed of Variation
This is the re-writing of a Will after death. It means that if a Will did not take into account the best planning, then changes can be made to save family money and increase the amount received by beneficiaries. This must be done as soon as possible after death, deadlines apply. This is a highly specialist area, so contact us for more information.