 Home-Owners Still Reluctant to Make A Will
 Marie Verney Despite soaring house prices in recent years, people in the South East are still not thinking about what they want to happen to their assets should they die.
A survey from the Law Society shows that 54 per cent of home-owners in the south east have still not made a will - and this could mean only a percentage of their assets will automatically go to their spouse or civil partner.
Marie Verney, a specialist in wills and estate planning at Newbury solicitors, Charles Lucas and Marshall, says there is still widespread ignorance about the intestacy rules in England and the consequences if you don't make a will.
"Where a deceased person is survived by their spouse/civil partner and their children the spouse will receive all personal belongings and the first £125,000," she says. "The remainder of the estate is then divided into two equal funds - one for the spouse for life, the other for the children.
"This might not be the outcome the deceased person wanted. Spouses do have various rights under the intestacy rules but to exercise them can be costly and time consuming. Making a will is therefore a way of saving your estate from needless costs and expenses and ensures your wishes are carried out."
Un-married couples are in a particularly vulnerable position if there is no will as they have none of the legal rights of married couples. If a party should die without leaving a will the surviving party may not inherit anything from the deceased's estate.
It can be difficult to prove the deceased's intentions if there is no will and it is also difficult to quantify the contributions both parties have made to the relationship.
"None of us like to think about our own death," added Marie. "But apart from thinking about our families, with the price of housing in the South East, people have to think about inheritance tax and how they can minimise what is paid to the Government.
"Making a will also removes additional pressure from a partner during a time of great distress."
For more information contact Marie Verney on 01635 521212 or marie.verney@clmlaw.co.uk
Marie Verney (contact details):
 |
Back to Main News Page