Moving house can be extremely stressful and your eventual demise is probably not top of your list of things to worry about. However, as the home is usually the largest asset owned by an individual it is important to account for it in the instance of your death.
What is a will writer?
In England and Wales a third of the adult population will die intestate – that is, without making a will. (source:news.bbc.co.uk)
If no will has been left, the government divides up your estate in accordance with strict legal rules, and not how you may have liked. This can cause friends and family who were close to you huge amounts of trouble and anxiety.A Will Writer is a trained professional who will help you write your will. Although it is legally possible for anyone to assist you in this process, it is a good idea to hire someone who will consider your situation and wishes as well as minimizing taxation and potential family disputes.
Why are Will Writers needed when moving house?
It is not legally required to make or amend a will when moving house. Although, you may want to remember that the Law of Intestacy was passed over 80 years ago and only a spouse and children would automatically inherit your assets. However, today more and more of us are living together without getting married. Should you die, your partner would have no right to the new property – no matter how long you had been together. So, when you move house, it would really be a smart move to get a will drawn up in order to leave your property to the people or person closest to you.Along with marriage, divorce and the birth of a child, moving house is a major life changing event and the Law Society
suggests that you review your will at each of these stages. It may be a good idea to get a Will Writer to check the wording of the will in relation to any property you may own. If the will already stipulates a specific house (i.e. 22 York Road) to be bequeathed then you should change it to your new address to keep it valid and up-to-date.
Can I really benefit from employing a Will Writer?
Unless you are legally trained or the sum of your property and possessions is less than £285,000 then the short answer is yes!The recent rise in house prices has helped to increase our worth – which isn’t as great as it sounds. It means that, on death, more people are eligible to be charged the 40% Inheritance Tax due on assets worth more than £285,000 (source:www.direct.gov.uk)
A new house is likely to push you up into this bracket, but a Will Writer would be able to advise you on the best ways to minimize this tax. They can suggest different trusts and funds into which your assets can be disbursed without the taxman getting hold of them.It can be easy to get bogged down and confused by the different trusts available – and whether they would be any good for you. The best thing to do is to contact a Will Writer or Solicitor to see how they could help your family keep your hard earned cash.