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We’ve bought a new house, should we make a Will?
The simple answer is yes! Buying a house is one of the most important and costly purchases a person will make during their lifetime. Making a will ensures, that after your death, the property will pass to the people you would like it to.
What is a Will?
A Will is a legally binding document made during your lifetime which sets out how your assets such as your money, property and personal possessions will pass after your death. Without a will, your assets will pass under the intestacy rules. This may not be the way that you would have wanted your money and possessions to be distributed. Making a will therefore provides certainty as to who you would like to benefit from your assets after death. Issues such as providing for a life partner or children and stepchildren can be covered in a Will.
Why is it important to have a will now that we’ve purchased a property?
Property is often the largest value asset people will own during their lifetime and so it is important to think about who you would like to inherit it. Making a Will guarantees that after death, those, that you would wish, will inherit your assets, including your home, that have been accumulated during your lifetime.
If you own a property jointly with another, you may hold the property under a legal arrangement known as “tenants-in-common”. As tenants-in-common, you each hold a distinct one-half share in the property or such other agreed share. As a result of this, your respective share will pass to your estate after death and be distributed in accordance with the terms of your Will or, if you do not have a Will, under the intestacy rules. For example, if you own a property as ‘tenant in common’ with your life partner and are unmarried, your share of the property will not automatically pass on your death to the surviving owner.
How can we help?
The Personal Law Team advises on all aspects of the full range of personal law issues for individuals and families. Whether that be; preparing Powers of Attorney, assisting with a Deputyship Application, drafting Trust documents, drafting Wills, inheritance tax planning or assisting with Probate.
If you have any queries or would like any advice, please contact Neil Shaw on 01274 386 992 or email ku.oc1701588921.fcl@1701588921wahs.1701588921lien1701588921 for more information.