32 min
#23 - Why do I need a Will? ReadytoBuyPodcast
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- Home & Garden
Today I’m speaking with Sara Sheppard, founder of SLS Wills and More to discuss why it’s SO important for you to have a will.
Will writing is not offered as a service under my business proposition and any queries would be referred to a suitably qualified third party.
However, I have approached an expert to give an insight into this important subject. Please note that Will writing is not regulated by the Financial Conduct Authority.
Sara is vastly experienced and an expert in her field, with over 30 years in the industry and sits on the Society of Will Writers Professional Standards Board as an associate member
04:15-06:23
What happens if someone dies without a will?Rules of intestacy will determine how your estate is distributed.
- Assets held in joint names will pass to the other surviving party automatically. However, assets in a sole name or property held as tenant in common – would be subject to the rules of intestacy.
If there is a spouse or civil partner and children, the spouse or partner would receive first £270,000 of the assets (as of the rules in March 2022).
Anything above this amount, would be divided into two equal shares –
half to spouse / civil partner, other half divided between the surviving children.
Therefore the house could end up being jointly owned by spouse and children, which can be particularly complex if children are below the age of 18.
- If single, your assets could pass to your parents, or siblings, or if you don’t have either, it could pass to people you don’t know about after following bloodlines (possibly even at cousins 3 or 4 times removed!).
06:25-10:52
What are the key reasons to have a will?- You have control over what happens to your assets – tempered with the fact that you must make provisions for those financial dependant on you, for example, you can just cut out your spouse and children without a very good reason!
This is also why it’s wise to get advice when setting up a will and not just doing yourself without guidance. Use an expert, like you would with a mechanic for your car.
A will is one of the most important documents you’ll ever prepare and naturally you won’t be around to make any corrections at that point.
- Wishes for your funeral
- Wishes for who would look after your children. Without a will, THEY COULD END UP IN CARE – they wouldn’t automatically be looked after by your family!
Things happen more often than you think and as a married couple, something could happen to both of you – for example a car accident and neither of you survive
10:53-12:47
How often should we review our will?- Recommend every 3-5 years, or
- On a lifechanging event, such as:
o Moving Home
o Birth of child or Grandchild
o On Retirement
o After inheriting money
o Divorce
o Death of a family member
You can change as often as you like, provided you have mental capacity.
12:48-14:06
How does Marriage impact our current Will?Marriage automatically revokes any existing will, so a new will would need to be written or if you passed away, you would be intestate
This is particularly relevant for blended families, with children from different partners and can get very complex and without a will in place could...
Today I’m speaking with Sara Sheppard, founder of SLS Wills and More to discuss why it’s SO important for you to have a will.
Will writing is not offered as a service under my business proposition and any queries would be referred to a suitably qualified third party.
However, I have approached an expert to give an insight into this important subject. Please note that Will writing is not regulated by the Financial Conduct Authority.
Sara is vastly experienced and an expert in her field, with over 30 years in the industry and sits on the Society of Will Writers Professional Standards Board as an associate member
04:15-06:23
What happens if someone dies without a will?Rules of intestacy will determine how your estate is distributed.
- Assets held in joint names will pass to the other surviving party automatically. However, assets in a sole name or property held as tenant in common – would be subject to the rules of intestacy.
If there is a spouse or civil partner and children, the spouse or partner would receive first £270,000 of the assets (as of the rules in March 2022).
Anything above this amount, would be divided into two equal shares –
half to spouse / civil partner, other half divided between the surviving children.
Therefore the house could end up being jointly owned by spouse and children, which can be particularly complex if children are below the age of 18.
- If single, your assets could pass to your parents, or siblings, or if you don’t have either, it could pass to people you don’t know about after following bloodlines (possibly even at cousins 3 or 4 times removed!).
06:25-10:52
What are the key reasons to have a will?- You have control over what happens to your assets – tempered with the fact that you must make provisions for those financial dependant on you, for example, you can just cut out your spouse and children without a very good reason!
This is also why it’s wise to get advice when setting up a will and not just doing yourself without guidance. Use an expert, like you would with a mechanic for your car.
A will is one of the most important documents you’ll ever prepare and naturally you won’t be around to make any corrections at that point.
- Wishes for your funeral
- Wishes for who would look after your children. Without a will, THEY COULD END UP IN CARE – they wouldn’t automatically be looked after by your family!
Things happen more often than you think and as a married couple, something could happen to both of you – for example a car accident and neither of you survive
10:53-12:47
How often should we review our will?- Recommend every 3-5 years, or
- On a lifechanging event, such as:
o Moving Home
o Birth of child or Grandchild
o On Retirement
o After inheriting money
o Divorce
o Death of a family member
You can change as often as you like, provided you have mental capacity.
12:48-14:06
How does Marriage impact our current Will?Marriage automatically revokes any existing will, so a new will would need to be written or if you passed away, you would be intestate
This is particularly relevant for blended families, with children from different partners and can get very complex and without a will in place could...
32 min