There are many great reasons why married couples (or civil partners) should make a Will. Here are a few listed below:
1. Peace Of Mind A properly made Married Couple Will provides peace of mind, knowing that your spouse, children, family and friends will not be subjected to any expense or complex issues that may result from intestacy (dying without a will).
2. Avoid Disputes Making a Married Couple Will avoids any disputes that could arise over who has the right to administer your estate. It is not automatically true that the spouse gets everything. Some people believe that the eldest son has a right and duty to administer the estate but this is not true.
3. Provision For Children Provision can be made for any young children that you have to be financially looked after (with no will there are sometimes restrictions placed on how assets are dealt with and looked after for young children). You can appoint relatives or close friends to be guardians of your children to ensure they are properly looked after.
4. Protect Your Spouse You can make provision for your spouse or any other individual who might be living with or might be dependent on you (for example your spouse or an aged relative). With no Married Couple Will they could lose out.
5. Make Provision For Close Friends And Family You may not have any children you may want some of your close family or friends to receive some.
6. Executors And Trustees You can choose the executors and trustees of your Married Couple Will (the people who deal with the administration of your estate).
7. Funeral Arrangements You can include details of any specific funeral arrangements that you would like.
8. Gifts And Legacies You can leave any specific gifts of money or items to relatives, friends, and charities.
9. Convenience You can make a Married Couple Will online in the comfort of your own home.
10. Tax Savings You can prevent having to pay Inheritance Tax and leaving lifetime savings, property and belongings to the Inland Revenue.
A married couple will is suitable for anyone who is married or in a civil partnership. It will allow you to make as many gifts of money or specific items as you like. You will be able to leave the remainder of your estate after making gifts (i.e. the residuary estate) to as many persons you would like, either in equal shares or in varying percentages.
You can also vary how you would like to leave your residuary estate, make provisions for the care of pets and appoint guardians for your children. Those with spouses/civil partners domiciled outside the UK should note that the normal tax-free allowances do not apply, and we recommend tax advice is sought in these cases. Call us now for a free no obligation chat about making a married couples Will.
My name is Adrian Chambers. I am a lawyer who specialises in creating and preparing Wills.
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