Why making a Will should be your New Year’s Resolution

To help you add Making a Will to your list of New Year’s Resolutions, Lawson-West are offering a January Sale. A single standard will in our January Sale will cost £99 and standard mirror wills for a couple will cost £150. If you don’t make a Will, your property, personal possessions and money will be distributed according to the intestacy rules. The result is that your estate will not automatically go to your partner and/or children and may not be distributed as you wanted it to be. The Administration of Estates Act 1925 outlines how your estate will be distributed. If you leave a spouse or civil partner but no children, your spouse or civil partner will get:- • All personal belongs eg car, furniture, clothes, jewellery; • A legacy determined by the statutory legacy amount (currently £200,000 but rising to £450,000 from 1 February 2009); • A life interest in half the remaining assets; • Any remaining balance is distributed to surviving relatives, which may not be want you wanted. However, if your matrimonial home is in your sole name, this may have to be sold to meet various family claims. Under the Provision for Family and Dependents Act 1975, your spouse can apply to court for more money, however, this creates a delay and may not be practical. If you leave a spouse or civil partner and children, your spouse or civil partner will get:- • All personal belongings; • A legacy determined by the statutory legacy amount (currently £125,00 but rising to £250,000 from 1 February 2009); • A life interest in half the remaining assets; • The remaining balance passes to the children when they reach 18, regardless of whether they are mature enough to cope with an inheritance. If you are not married or have not registered a civil partnership, your partner may get nothing. If you have step-children, they are not provided for under intestacy rules. If you make a Will you can determine how your estate will be distributed and when any children receive their inheritance. You will also be able to appoint suitable executors to administer your estate, which may be important if you own your own business or have substantial interests in business. Otherwise your beneficiaries administer your estate and may not be the best people to do so. Make it your New Year’s Resolution to make a Will. Call 01858 445 493 to make an appointment now. We offer appointments at our Market Harborough, Wigston and Uppingham Road, Leicester branches and can offer a home visit.