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What Happens if You Die Without a Will?
Newsletter issue - May 07.
If you have no valid Will when you die your assets are divided up according to the intestacy rules, which set out a strict order of relations who must inherit all your worldly goods. If you own more than £125,000 at your death, your spouse (or civil partner), will only get £125,000 and a right to use half of the reminder during his or her lifetime. The balance is divided between your children, or if they have died, your grandchildren. This could mean that the family home will have to be sold if your children and grandchildren don't agree.
The situation is much worse if you are not married to your partner, as they have absolutely no rights on your death at all. Unless your partner owns part of the home you share, he or she could be made homeless when you die. If your parents are no longer living at the time of your death, all your wealth will be shared between your brothers and sisters, and if they have died, it goes to your nieces and nephews. This could mean your assets, including the value of your home, are given to relatives you hardly know, and who may not have any loyalty to your partner.
The best policy is to have a properly written Will, but unfortunately to save tax when leaving assets to your partner you must be legally married or in a same-sex civil partnership. A so-called common law relationship is not legally recognised, even if you have been living together for years and have children together.
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
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