WHY MAKE A WILL?
There are a number of
reasons why it might be important that you should make a Will.
1. To avoid the
application of the intestacy rules.
If you die intestate,
that is without making a Will, your property will pass according to strict legal rules. You have no control
over who will receive your property and you cannot ensure that you
benefit friends or charities unless you make a Will.
If you hold property in
joint names with another person it may pass automatically to that
person upon your death, but if the property is a house or land it is
possible that it would not pass automatically. This depends upon the
terms of your Deeds.
If you are married you
would usually want your property to pass to your spouse. People often
assume that, if they have no Will, everything will pass to their
spouse. This is not always the case. Under the intestacy rules
only property up to a certain value passes automatically to your
spouse and if your estate includes a house in your sole name it is
possible that the value of this would exceed the amount which your
spouse would automatically receive. The balance of your estate would
be divided between your spouse and your children. If you have no
children, your spouse may have to share part of your estate (if it is
above a certain value) with your parents, or brothers and sisters, or
nephews and nieces.
If you have a partner but
are not married, you should realise that your partner has no automatic
right to your property should you die. In order to establish a claim
he or she would have to rely on the provisions of the Inheritance Act
which may not be applicable and are in any case expensive to enforce.
Similar conflicts can arise between separated spouses and between half
brothers and sisters in connected families.
If you are in a same-sex
registered civil partnership, the same laws apply to partners as to
spouses.
If you are not married, not
in a civil partnership
and have no children then the main beneficiaries of your estate may be
your parents or brothers and sisters or, if they have died, nephews
and nieces. You may have friends whom you would wish to benefit
rather than allowing your estate to go to more distant members of your
family. If that is the case, then you should make a Will.
The intestacy rules can
give rise to very serious complications, particularly where the
deceased person had no close family. The costs incurred in tracing
very distant relatives can be high.
2. By making a Will you
can make your own choice of Executors and Trustees.
If you die
without making a Will the personal representatives who have to deal
with the property comprised in your estate will be determined by
statutory rules. If you make a Will you can choose persons who are
suitable and who are likely to be willing to act.
Since it is the Executors
who have the responsibility for administering the estate, including
the distribution of personal effects and the contents of the house and
the sale of the house, it is of vital importance that the right person
is chosen. If requested, Marshall and Galpin are willing to act
as Executors.
3. The appointment of
Guardians
If you
have young children you may be concerned to provide appropriate care
for them. You can appoint guardians in your Will. It is advisable to
consult the prospective guardians as to whether or not they are
willing to act.
4. Directions as to
burial or cremation
If you
have special wishes as to burial or cremation these can be included in
the Will. Also, if you wish to donate any part of your body for
Medical purposes you could state this in the Will.
For further information, please contact:-
Heather Redman (Oxford)
01865 268642 email -
mailto:heather.redman@marshallgalpin.com
Lynne Reekes (Oxford)
01865 268641 email -
mailto:lynne.reekes@marshallgalpin.com
Emily Dennick (Oxford)
01865 268628 email -
mailto:emily.dennick@marshallgalpin.com
www.marshallgalpin.com