It is widely acknowledged that cuts to the Ministry of Justice budget have resulted in a creaking court system. The family courts are under particular strain. Cuts to the Legal Aid budget have filled the courts with litigants in person – people...
In an ideal world, every adult should have a Will. It is even more essential if you are buying a property or already own one.
Reasons for making a will if you own property
Once you own a property or a number of properties, you have an asset(s) that are likely to increase in value. If you would like your property asset(s) to pass to your immediate family on your death, you need to have a Will in place to guarantee that this will happen.
If you own a property jointly, this is sometimes held under a legal arrangement known as a ‘tenancy in common’. Should one of the joint property owners die, his or her share in the property will not automatically pass to the surviving owner. If you each want your share to pass to the other on your death, it is essential that you both have Wills which reflect these wishes.
The value of your home can increase the value of your estate to over the threshold for inheritance tax (currently £325,000).
Making a Will allows you to decide what happens to your assets as well as providing an effective means of planning for inheritance tax.
Our experienced team will be happy to arrange a meeting with you at our offices to discuss your personal circumstances and draft your Will.