Wills & Trusts
Do you need a will or should you set up a trust?
The simple answer is yes, but different people in varying circumstances are affected differently, as can be seen from the examples below should you die intestate (without a will):
Married with Children
Your Spouse Will Get:
- Car & house contents
- First £125,000 of your estate outright
- Interest only on half of the remainder of your estate
- Children (not step-children) get the other half of the excess
- Bank & building society accounts (in a sole name only) are frozen pending Letters of Administration being obtained.
- Courts decide guardians for children (foster home whilst they decide)
- Life assurance policies can be withheld where the policy is in a sole name and does not have a named beneficiary or hasn't been assigned for mortgage purposes.
- A common-law spouse/partner and stepchildren could get nothing as the law does not recognise their rights when a person dies.
- The average delay of distribution of an estate is up to 2 years, with a will it takes 4 - 8 weeks under normal circumstances.
Protect your family complete our contact form today, and we will arrange for a local adviser to call you without obligation.
Single, Widowed or Divorced
- Everything goes to your children (if any)
- Otherwise to your parents, or brothers/sisters (or their children), grandparents, uncles/aunts(or their children) in that order of priority.
- Bank & building society accounts (in a sole name only) are frozen pending Letters of Administration being obtained.
- Courts decide guardians for children (foster home whilst they decide)
- Life assurance policies can be withheld where the policy is in a sole name and does not have a named beneficiary or hasn't been assigned for mortgage purposes.
- A common-law spouse/partner and step-children could get nothing as the law does not recognise their rights when a person dies.
- The average delay of distribution of an estate is up to 2 years, with a will it takes 4 - 8 weeks under normal circumstances.
Protect your family complete our contact form today, and we will arrange for a local adviser to call you without obligation.
If you’re married with no children, no surviving parents, brothers or sisters then your spouse generally gets everything.
If your circumstances aren’t described here – you’re dependants could still experience stress and anxiety if you don’t have a will or trust set up.
Each person’s and each family’s circumstances are different which is why you need to talk to an expert about your will and trust.
Protect your family complete our contact form today, and we will arrange for a local adviser to call you without obligation.
