Legal Corner
WHY MAKE A WILL? ADVICE FROM ROBERT HODSON
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Your property will go to the people who you decide should have it. If no will is made, you die intestate and strict rules apply as to who shall benefit. For example, if a person dies intestate leaving a wife and children, the wife receives the statutory legacy of £275,000 and the rest is divided as to one half for the wife and the other half equally between the children. If there are no surviving relatives, then the estate passes to the government.
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If you want to give to a charity on your death, then you must make a will.
You can leave your estate in a taxefficient way by making use of the Inheritance Tax exemptions etc.
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You can choose who you want to administer your estate.
You can set up trusts in your will, for example to provide funds for the benefit of a disabled person.
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You can appoint a guardian or guardians of infant children.
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You can make financial or other provision for pets.
You can make a direction as to whether you wish to be buried or cremated or what hymns should be sung at your funeral.
Making a Will To be valid:-
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The will must be in writing.
The maker must be aged eighteen or over, unless a member of the armed forces on active military service.
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The maker must have mental capacity and knowledge of what they are signing. There must be no duress or undue influence on the person making the will. The will must be validly executed.
A will can be challenged if any of the above are absent. In some cases, a will has to be proved by the High Court which grants probate.
Double & Megson
4 West Street Bourne Tel: 01778 423376 “Our Business is Minding Yours” 38
D I S C O V E R I N G
Bourne
JULY 2020
