What happens if you never make a will?

If you were to not make a will, when you pass away, you will have died ‘intestate’.

Think of a will as a set of statutory rules, which specify how your assets are distributed to family members, and this can be in a fixed order. If you have no family members then your assets will go to the Crown. The real risk of ‘dying intestate’ is that you will not have have a say on who gets what, and after all, they are still your belongings! We can understand that if you had some family members whom you would not wish to inherit your assets, this may be a wise option, but there should always be a better cause than the Crown in our opinion. Even if you were to give the money to charity it would make more sense, so this is why it’s so important to ensure you have a will. Likewise, any people who are not blood relatives, such as unmarried partners, may not receive anything. It is therefore critical that you make a will to avoid this situation if you don’t want your loved one to miss out.

Joint Property Ownerships: The potential problems

Let’s first explain what joint property ownership is. If a property is held jointly with right of survivorship, when the first owner dies, the surviving joint owners in the normal course automatically become the owner of all of the property. So let’s say a brother and a sister own a house together. They each have two children.

When the parents have both passed, they will each own a quarter of the property. There are potential problems with this though, and it’s usually due to a conflict of interests. If one individual wants to keep the property but the others want to sell, the property will be sold, unless the one that wants to keep it can buy the others out, but of course a price needs to be agreed one. That can be the case if two want to sell, they can force the sale, so really it’s just a case of an individual or a couple of individuals in this instance feeling as though they’re losing control, and this can often cause disputes.

The basics of writing a will

Will writing is a very complex task and that’s why seeking professional legal advice is recommended. For simple wills, writing it yourself is okay, however for more complicated wills hiring a professional will help the process run more smoothly. If you have many possessions, such as property, vehicles, jewellery and cash, you will need to have a clear plan to whom these will get passed on to.

If you have a large family that you wish to add into your will, it is very important that it is clear on who gets what. Which such a lot to consider, you should use a solicitor or a professional will writing service to make sure your will follows the correct guidelines. You would never want your will to be void due to a silly mistake or error, so seeking professional assistance is highly recommended. There is no correct time to write a will, however, if you have possessions that you wouldn’t want to lose then writing a will is always recommended.

Benefits of Asset Financial Services

Do you want to have a solid financial future? This will depend on how you and others oversee your asset management. You need to check out what professional managers have to say about your money situation and what advice they might have for you. That knowledge is crucial for your future, so that makes picking the very best asset financial services company your next step. Anything else is a risk.

Read moreBenefits of Asset Financial Services

Things To Remember Before Buying Legal Expenses Insurance

Legal expenses insurance is a worthwhile investment for those who want the financial assurance in regards to future legal costs. However, this often expensive insurance is already included in other polices.

Are Already Covered?

Before buying legal expenses insurance (or any kind of insurance) make sure your car and house insurance policies don’t already include it. Some professional companies also offer free legal advice, so check to see if you are able to receive that too

Make Sure Not To Over-Insure

When purchasing legal expenses insurance, make sure not to over-insure. Certain policies ask for classification as ‘you’ being the person named as the policyholder in the schedule. However, many policies often include partners and members of the family while only asking for the name of one policy holder. For these policies you and your partners and/or family will be covered, so you won’t need to take out other policies to cover them.