- A husband or wife does not automatically inherit each other’s estate. Contrary to popular belief, if you die leaving children, the “cash right” element of the surviving spouse’s prior rights is only £50,000. The cash assets above that level go directly to your children on intestacy. If they are young, this can lead to substantial sums being held in trust for years and not accessible to meet the family’s day-to-day needs.
- Partners who are unmarried do not automatically inherit from each other. This applies regardless of how long they have been together. Any court application for a capital sum from the estate made by the surviving partner after the other partner’s death would have to be made within six months. A variety of factors will be considered by the court with the outcome being a matter of discretion. This creates uncertainty and anxiety as well as considerable court costs.
- Children under 16 years of age, who lose their parents, do just get cared for by a preferred family member. Without a guardianship clause in your will to set out your wishes for their future care arrangements, your children would be at risk of being placed in care.
- Should you end up requiring to go into a nursing or care home, government policy is to seek to access the equity in your privately owned property to pay for your care costs, which would deplete the estate available to leave your family, or even leave them with nothing.
Contact our expert Private Client Team
We would be happy to discuss all your estate planning needs and assist you in making a will to protect your closest relatives and provide you with peace of mind. Please contact our private client team at Livingstone Brown without delay for wills, estate planning, executry and power of attorney advice.
