While it may be tempting to delay making a will, it should be a priority. Without a will a disinheritance could occur, causing distress to loved ones, or a family conflict could arise.
If an individual dies intestate (without a valid will in place), their spouse is only entitled to their possessions, a set figure of £270,000 from their estate and 50% of any remaining assets. The remaining 50% passes to the individual’s children, if any exist.
This can lead to a scenario where these adult children decide to sell the house in which the remaining spouse still lives in order to realise their inheritance.
The Benefits of Having a Will
There are many significant benefits to having a will. As well as protecting an estate for generations to come, having a valid will in place can help to avoid unnecessary inheritance tax payments, allows an individual to choose their executor and ensures that any children aren’t disinherited by second marriages.
Furthermore, a will enables an individual to provide for organisations and individuals who may not be automatically provided for legally, such as unmarried partners, stepchildren, friends and charities.
What Is a Living Will?
A living will is also referred to as an advance decision, and it allows someone aged 18 or over with mental capacity to refuse a specified medical treatment that may be given at a point in the future when they do not have the capacity to refuse this intervention.
James Scotney, Town and Country Law director, knows that a living will must specify certain circumstances or a specific treatment – without this clarity it may not be valid. It is also important to note that a living will can only be used to refuse a specific medical treatment, not demand one, and it can also not be used to refuse treatment for a mental health disorder under the Mental Health Act 1983.
How Town and Country Law Can Help
Town and Country Law, incorporated in 2013, specialises in helping its clients prepare for their future, making sure that these individuals have all the facts they need to make a properly informed decision.
With its head office in Lincoln, the firm also now has branches in Kings Lyn, Sheffield, Stamford and Uttoxeter and offers free appointments either at one of these offices or in the comfort of a potential client’s own home. The firm prides itself on its transparency, expertise and friendly customer service.
For more information about Town and Country Law, take a look at the embedded PDF.