Your will is one of the most important documents you will ever sign. If you do not make a will your estate could end up in the hands of people you have no wish to benefit. Moreover, you might have failed to take advantage of the tax planning opportunities which often become apparent when making a will. It is therefore important that your Will is drafted so that it sets out your wishes accurately.
If you are an unmarried couple (whether or not it is a same-sex relationship), you can make sure your partner is provided for. If you are not married and fail to make a will the intestacy rules will not recognise your relationship.
If you are divorced, you can decide whether to leave anything to your former partner and if you are in a new relationship you can decide what to leave to your new partner and family.
If your partner were to die and, at the date of their death or shortly afterwards, you required long term care, then it would be better not to leave all of your estate to the survivor of you both under your Will. If you do not consider this then, depending on your circumstances, your assets may become available to pay for your long term care. This could be avoided by including a life interest trust in your Will, whereby the capital value of the trust fund will not belong outright to the survivor and it will not, therefore, be taken into consideration for the assessment of long term care. It is also unlikely that the income from the trust will be assessable for the payment of fees.
If you would like to discuss your will further then please contact 0191 2618878 to speak to Amanda McNabola, however, you may wish to download our questionnaire to help give you some idea as to what you want to say in your will.