Why Do I Need a Will?
We spend our lives working to provide for ourselves and our loved ones. You may have a house or flat (in the UK or overseas), shares, savings, investments as well as your personal possessions. All of these assets are your ‘estate’. Making a will ensures that when you die your estate is shared according to your wishes.
Everyone should have a will, but it is even more important if you have children, you own property or have savings, investments, insurance policies or you own a business.
What Happens if I Die Without a Will?
If you die without a valid will, you have no say in what happens to your estate. Instead, the ‘Rules of Intestacy’ will divide your estate in a pre-determined way and this may not be to people who you wished to benefit. It also may not be carried out in the most tax-efficient way.
If you live with someone, even if you are married, are in a civil partnership or have step-children, they may not automatically inherit your estate.
What is Domicile and Why is it Important?
The domicile is the country which a person officially has as their permanent home, or has a substantial connection with.
If you were born, or have significant, long-term residential or business connections outside England and Wales, this may have tax and administration implications.
Your domicile is an important factor when determining how your individual estate should be passed on in the event of your death and is of particular importance if you own property or financial assets in foreign jurisdictions. The actual management of your estate will vary depending on each situation, but it’s important to have an understanding whether you live abroad, or have assets location abroad.A solicitor can advise you about these complex issues and how it could affect your will.
Make a Will Enquiry Now
All initial enquiries are without obligation, so please call us now on 0191 466 1444 and ask to speak to our expert solicitor, email to advice@geoffreylurie.com or complete a Free Online Enquiry and we will soon be in touch with you.
