News
News
April 2010
Three Shires Wills are full members of The Institute of Professional Willwriters who have recently announced that their code of practice has gained approval of the Office of Fair Trading. This is a first for any legal organisation and means that the general public has the peace of mind knowing that Three Shires Wills who are members of the Institute are fully compliant with the code.
9th December 2009
Chancellor announces that the intended increase in the Inheritance Allowance next April, will not happen now and will be kept at the current rate of £325,000. Don't forget, Three Shires Wills can advise on mitigating Inheritance tax
1st October 2009
From October 2009, Three Shires Wills are now able to offer thier client a special Home Protection Plan to potentially preserve the whole of the house from care costs. A double benefit means that the estate might even avoid the cost and inconveniece of probate. This enables you to put your house into this trust during your life time for the benefit of your chosen beneficiaries, whilst retaining control. This specialist trust is suitable for singles or couples. If you would like to learn more about this exciting new development, then please contact us as soon as possible to enable us to explain in more detail to you.
12th May 2009
Three Shires Wills have been chosen by a local charity called Guideposts Trust (www.guidepoststrust.org.uk) based in Witney, Oxfordshire, to offer a free basic Will to prospective clients. The idea behind the promotion is to encourage more people to leave a legacy to Guideposts in their Will, to enable them to continue their valuable work with children with special needs or older people with Alzheimers. Interested parties should contact Three Shires Wills head office on 01280 840388 for further information. This is a win/win offer, the client ends up with a free professionally drafted Will, and Guideposts increase the amount of revenue they receive from peoples Wills. Clients need to check to find out if this is still available.
New law of Intestacy from 1st February 2009
What happens if you die without making a Will:
Making a Will is relatively straightforward and not very expensive. However, in spite of this, seven out of ten people in the UK who could and should make a Will die without a Will. This often causes delays, hardship and worry - and even costly legal bills can result if there is confusion and disagreement among those left behind.
Should you die without a Will or if your Will is deemed to be invalid (e.g. if it wasn't completed or signed correctly) then you are said to have died intestate.
This results in the laws of the land deciding how your estate is distributed.
The distribution of your estate is determined by your marital situation at the time of your death. The following notes are meant for guidance only, and please note that the laws relating to Scotland and Northern Ireland differ in some aspects.
Married with Children (separated people are treated under these rules as still being married)
1) Your spouse gets:
a) personal chattels (eg car, house contents, jewellery etc), plus
b) first £250,000 of your estate, plus
c) the income on half of any surplus (only income, your spouse cannot
touch the capital)
2) Your children (stepchildren get nothing) get:
a) half of any excess over £250,000 outright, plus
b) the other half of the excess when your spouse has also died
Married with No Children but with Parents and/or Brothers and Sisters
1) Your spouse gets:
a) personal chattels (eg car, house contents, jewellery etc), plus
b) first £450,000 of your estate, plus
c) half of any excess over £450,000 outright
2) Your parents or (if none alive) your brothers and sisters get:
a) Balance i.e. half of any excess over £450,000 outright
Married with No children and No Parents and No Brothers and Sisters
Your spouse gets everything
Single, Widowed or Divorced (but not separated)
Everything goes to your children (if any), otherwise to your parents (if alive), otherwise to your brothers and sisters (or their children), otherwise your grandparents (if alive), otherwise your uncles and aunts (or their children), otherwise to the government
Important Note
If you have a co-habiting partner, he/she will get none of your estate even if you have been together for 50 years or more.
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