WHY MAKE A WILL?

why make a will

And there are many reasons why it should be professionally written too:

There are many reasons why it is important to make a Will:

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CASE STUDIES OF WHY MAKE A WILL

The case of Mr and Mrs A and their children

The Problem
Mr and Mrs A have worked hard and saved all their lives. Their major asset is the family home, which they wish to leave to their children. Mr A dies, leaving his share of the property to Mrs A. Mrs A subsequently needs to go into care and is ‘means tested’ to assess if she can pay for her own care. As the property is now entirely hers, it could potentially be sold to meet her care costs.

The Solution
This scenario can be avoided in two ways. Firstly, Mr and Mrs A could change the way in which they own the matrimonial home from ‘joint tenants’ to ‘tenants in common’ in equal shares. This means when one dies, their half of the house goes into their estate rather than automatically transferring to their spouse. Secondly, they could include a clause in each Will leaving their share of the property in Trust for their children (rather than their spouse) whilst allowing the surviving spouse to live in the matrimonial home for the remainder of their life. This means that the share of the property in Trust is not included in the means testing for any care that might be needed.

The case of Mr X and his second wife

The Problem
Mr X, a widower with two children, marries Mrs Y, a divorcee with two children of her own. If either Mr X or Mrs Y were to die leaving everything to their spouse, the surviving spouse could rewrite their Will and disinherit the deceased spouse’s children.

The Solution
This issue can be avoided in two ways. Firstly, Mr X and Mrs Y could purchase the matrimonial property in shares, as tenants in common. This means when one dies, their half of the house goes into their estate rather than automatically transferring to their spouse. Secondly, they could include a clause in each Will leaving each spouse’s share of the property in Trust for their own children whilst allowing the surviving spouse to live in the property for the remainder of their life.