The Intestacy Laws - what happens if you die without a valid Will.

Without a Will, your estate will be divided according to the UK's Intestacy Laws. In effect, the Government writes a Will for you.

In addition to the money, think about who would look after your children if both parents die and the kids are under 18. Without a Will, the state will decide. Often the Grandparents are keen to help which is great but it can lead to a dispute which could end up in court meanwhile the kids might end up in foster homes!

You need to decide who is best placed and willing to look after your children after such a traumatic event and the only way to ensure it happens is to say so in a Will.

Single Will

A single Will is appropriate for you if you just want to make a Will for yourself. This can apply even if you are married, in a cilvil partnership, in a partnership, divorced or widowed. If you are not single or you have children, it may be appropriate to consider other types of wills.

Mirror Wills

A pair of Mirror Wills is appropriate when you and your partner or spouse wish to write similar Wills. If you make a pair of Mirror Wills, you will receive two Wills (one for you, one for your spouse or partner). You can make a pair of Mirror Wills if all of the following are true:-

• You want to leave your Residuary Estate to each other as the primary beneficiary
• You have identical beneficiaries for your Residuary Estate
• You both have the same Last Wishes or have specified them in separate letters.

Trust Wills

For many people just having a Will is not enough, you need to make sure it"s the right Will. Given the choice, all of us would choose to have our affairs in order and be certain that assets are passed down in accordance with our wishes. Most of us want to ensure that children and other beneficiaries inherit our wealth but all too often we fail to choose the best and most effective estate planning strategy. Unless your Will incorporates specific trusts you are running a significant risk of family wealth being eroded and falling into the hands of unintended beneficiaries. Some instances when this may occur include:-

• Increasing a beneficiares Inheritance Tax liability
• Divorce following an inheritance and the amount being included in the settlement
• The suing of a beneficiary meaning the inheritance is included in the compensation assessment.
• A surviving spouse remarries and subsequently divorces resulting in a reduction of family wealth to be passed on to your children
• Long term care costs eroding or using up all your assets including your home

For a Trust Will to be effective, property needs to be owned as Tenants in Common.