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In London, the law concerning wills and testaments is a part of the inheritance law regulated by the Wills Act of 1837. It requires any testament to be in writing, signed by the testator, and witnessed by two independent witnesses. If you die without leaving a will, the state decides how your estate is shared, which may not align with your wishes or needs of your loved ones. Proper guidance in creating a will ensures your estate is distributed according to your wishes while minimizing inheritance tax.
When creating a will, it's advisable to consult a lawyer to avoid common pitfalls that could render the will invalid. Circumstances where a lawyer's help is crucial include; if you share a property with someone who isn't your spouse, your permanent home isn't in the UK, or you have overseas properties. If you're worried about Inheritance Tax, if you want to protect your loved ones' interests after death, or if the executor needs legal advice, hiring a lawyer is crucial.
In England and Wales, a person of sound mind aged 18 and over can make a will. It should be signed in the presence of two witnesses who are not beneficiaries. If you die without a will (Intestate), your possessions will be divided according to the rules of intestacy, where your spouse and children benefit first. For an unmarried partner to benefit, they must be included in the will. There's an Inheritance Tax threshold of £325,000, and anything above this is taxed at 40%.
Yes, you can. But it's advisable to consult a lawyer to make sure it's correctly done and carries out your wishes.
Yes, you should update your will after major life changes such as marriage, divorce, births, deaths, property purchase, or if an executor can't act on your behalf anymore.
If you die without a will, known as dying intestate, your possessions are distributed according to the rules of intestacy.
Inheritance Tax is a taxation on the estate of someone who's died. Everything above the £325,000 threshold is taxed at 40%.
Yes, you can choose to disinherit a child in your will. However, under the Inheritance Act, a child can file a claim for maintenance if they believe they haven't received reasonable provision.
The Citizens Advice Bureau and the UK Government website offer free, accessible information about wills and probate. Both online resources contain comprehensive information on relevant laws and assist in the process of creating a will.
If you're considering creating a will, it's worthwhile to consult with a solicitor who specializes in wills and probates. They can help you arrange your affairs correctly and in accordance with the law. Not seeking professional advice can lead to disputes and legal issues after death. It's also recommended to regularly review your will to ensure it still reflects your wishes and circumstances.
