Knowledge Base

What happens to my house if I die without a will?

by | | Help: Property, Knowledge Base, My Assets |

There are a number of rules which apply to how your home will be dealt with if you die without a will. What happens will depend on how you own the property: As sole owner: If you are the sole owner of the property, without a will your property would form part of your estate and be distributed according to the rules of intestacy. As a tenant in common: If your home is owned on a tenants in common basis with someone else your share of the property will form part of your estate. Again, without a

How is my property dealt with in my Will?

by | | Help: Property, Knowledge Base, My Assets |

Your property is essentially dealt with just like any other asset that you own. However, there are some additional considerations if you own property together with someone else. When you buy a property with someone else you can own it in one of two ways: 1. As joint tenants. 2. As tenants in common. How you co-own your home will affect how it can be treated in your will. Joint tenancy Where property is owned by joint tenants each owns an equal share in the whole property and the property c

How do I revoke my Will?

by | | Knowledge Base, What Happens Next |

If for whatever reason at any time you choose to cancel or revoke your Will this can be done in one of two principal ways: 1. By destroying it. 2. By making a new one, which expressly revokes any previous Wills. Destroying all previous Wills Simply gather together all signed copies of your Will including those securely stored elsewhere and destroy them for example by tearing them up, shredding them or burning them. Alternatively you can get someone else to destroy them in your presence. Ma

Reasons why you might want to consider using a solicitor

by | | Knowledge Base, The Basics |

There is no legal requirement to use a solicitor to make your Will. Most people’s affairs are relatively simple and straightforward and in most cases you can make a Will without the help of a solicitor. If your affairs are more complex Of course, if things are more complicated then using a solicitor might be something you should consider. Complicated arrangements could include: * Being responsible for a person who will need ongoing care and financial support after your death, for example

Can making a will save on inheritance tax?

by | | Knowledge Base, The Basics |

Making a will is always a good way of making the best available use of your inheritance tax (IHT) allowance and minimising the amount of IHT payable when you die. Planning What a will can’t do though is reduce the value of your estate available for taxation, this will instead need some forward planning and this is something a financial advisor may be able to help you with. There are a number of options available to you, which may include disposing of some of your wealth while you’re still aliv