Funnell & Perring can provide assistance and advice in respect of your Will. Whether it is a 'basic' Will or one that needs to take into account the implications of Inheritance Tax, our solicitors can guide you through the process.
Our Wills are £95 plus VAT, and for an extra £10 we can come and visit you in your home if it is within the Hastings and St Leonard's area.
If you are over 18, you can write a Will. Your Will allows you to distribute your estate according to your wishes. Your "estate" is all the property that you own at the time of your death, whether a precious heirloom, money or a share in a business or a house. Whatever your circumstances, it is important to keep your Will up to date so that it reflects your current wishes. The consequences of not making a Will can be far-reaching, as the following examples illustrate.
If you own a property together and are not married and have no Civil Partnership Agreement, your partner may not have any rights over your estate if you have not made a Will. In order to protect your partner's interests after your death, a Will is a necessity.
Due to the current credit crunch, mortgages being difficult to obtain, it is becoming common for parents, siblings and friends to assist in the purchasing of a property. They may be called on to help obtain the financing, resulting in their names going on your property deeds. If you are in this situation, it is vital you make a Will to clarify who the property should go to on your death.
If you have business interest such as a Partnership, it is also important to make sure your Will reflects the wishes of you and your other business partners.
If you do not make a Will, the rules of intestacy apply. This means the people who you wish to benefit from your estate could be left with nothing. The Rules of Intestacy (broadly speaking) are as follows:
Married or in a Civil Partnership with children
Your spouse will inherit the first GBP125,000 of your estate (everything you own at the date of your death) and your personal belongings. If there is more than GBP125,000 in your estate, your spouse has the benefit of half the balance for the rest of her/his life, with the other half going to your children when they reach 18.
Married or in a Civil Partnership with no children
Your spouse will inherit the first GBP200,000 plus half the balance of the rest of your estate. The other half goes to your parents.
Married or in a Civil Partnership with no children, parents have died but you have siblings
Your spouse receives the first GBP200,000 plus half the balance of the rest of your estate. The rest is split equally between your brothers and sisters.
Married or in a Civil Partnership with no children, parents have died and you have no siblings
Your spouse receives everything.
Not married with children
Your estate is shared between your children
Not married, no children
Your estate will go to your parents, or if your parents have died, then to your siblings and if they have died or you are an only child, your grandparents will inherit. If they have died, your estate goes to your uncles and aunts if any, and if not then your estate will go to the Crown.