MONEY MATTERS
Wills, Legacies AND TRUSTS
How to disperse one’s assets after death is a subject many people shy away from, but as Lisa de Silva explains, getting things sorted out in good time is both good sense and far easier than might be thought
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t is estimated that over half the UK population do not have a written will. This means that around 31 million people cannot be certain who will inherit their property, financial and other assets when they die. While writing a will can be a sensitive subject, sorting out your affairs and making a will, can help to relieve the emotional and financial pressure for future heirs. Here we look at will writing to help readers understand what is involved. WHY MAKE A WILL? Many people make the mistake of assuming all their assets will pass to
their spouse or civil partner, but if you die intestate (without a will), your estate is shared out according to the law of intestacy. This means the law decides who gets what, starting with immediate family members and moving further down the ancestry line. Do be aware that:
• If not married or in a civil
partnership, the surviving partner will
It is estimated that over half the UK population do not have a written will
not inherit anything, even if you have lived together for decades. Although if you own a home as joint tenants, they will inherit that. • Without a will, the courts will decide who looks after any children under 18 years of age, unless you have specified this in a will. • Complicated domestic situations involving stepchildren and multiple marriages need careful consideration in terms of who gets what. • Making a will can help to reduce the amount of inheritance tax paid on your estate. HOW TO MAKE A WILL If your estate is complicated, take professional advice from a reputable solicitor, particularly if you have overseas assets which could be subject to different inheritance law. However, it is possible to create a legally binding document by writing out your wishes and having them witnessed, signed, and dated by two independent adults. These witnesses cannot inherit from the will or benefit from your estate in any way. The will should also name your executors, those who will gather up June 2022 | SUSSEX LIVING 159
