Your last Will and Testament is a legal document which stipulates how you would wish for your assets to be shared once you have passed away. There are various types of Wills, such as Single, Joint, and Mirrored and it is important you not only write a Will but select the most suitable style. Currently all estates over £5000 require probate and the absence of a will can cause lengthy delays, unnecessary legal costs, stress and ultimately an incorrect distribution of your assets.

 

A will is especially important if you have family who are financially dependent, such as a spouse and children. If you are unmarried and in a civil or common law relationship current law makes no provision for your partner and in some situations the absence of a Will can see people you would wish to leave assets to becoming disinherited. A correctly prepared Will can also reduce any inheritance tax Liabilities you may have.

 

Tradionally people have chosen to write Joint or Mirrored Wills in a way in which after the first passing the total value of the assets transfer to the surviving partner and then eventually to their children and loved ones. While these wills do have their benefits they can also lead to financial loss. It is important to seek advice to ensure the correct style of will is selected.