Making A Will Today!
A husband and wife had considered making a will for sometime. They finally decided to have their wills written with the intention of leaving their home, personal belongings and any money to their two sons’ in the event of their premature death. Both husband and wife agreed to leave each other all their personal property and belongings if either of them were to die first.
Making a will can be a daunting process for some people as they consider how much money they have and who will be the beneficiaries of their estate. They also need to consider who to nominate as their executor and trustees. Then you have the question that makes most people feel really uneasy which is what should be done with your body, i.e. do you want a cremation, a burial or do you wish to leave your body to science and do you want to be an organ donor. By this point we all realise that we are not immortal and life is not everlasting.
They did the sensible thing of updated their life assurance to make sure that their mortgage would be paid off if either of them died. They also protected their mortgage amount with a ‘critical illness’ policy just in case either of them suffered a critical illness and were unable to work before their mortgage was paid off. Being new parents to two young sons they took out additional life insurance to cover any future university fees or college costs if either of them died before their boys had finished college or university. Their ultimate wish for making a will was for their boys to inherit everything they owned when they died.
Life went by for ten years when the wife was diagnosed with lung cancer and died thirteen months later. As stated in the wife’s’ last will and testament the money from her insurance policies taken out ten years earlier should pass to her husband and the mortgage should be paid off. Their two boys were ten and eleven at the time their mother died.
Consequences of Not Making A Will After A Death or Divorce
Two years later the husband remarried a childhood friend and he moved his new wife and her two children into his home with his own two boys. Life continued on for three years when the father was unfortunately involved in a fatal car crash and died at the scene of the accident. Life had dealt this couple a tragic blow and things were only going to get worse for their sons’.
His new wife discovered his ‘last Will and Testament’ at the bottom of a draw in his home office after his funeral. She approached a solicitor who proceeded to check the will. The solicitor discovered that the will was written over fifteen years ago and since then his wife had died and the deceased had remarried. Under inheritance law, making a will should be done as soon as a partner has died or a couple has divorced. Therefore the will that the second wife found was obsolete and void in the eyes of the law.
In this situation the husbands’ estate consisted of a home that was valued at £190,000 and a further £50,000 paid from his insurance policies and a car valued at £6,500, totaling £246,500. As his estate was not valued at more than the £250,000 threshold his new wife inherited his entire estate.
The irony of this sad situation is that the husband and his first wife did everything right when they had their will drawn up all those years ago including updating their life assurance policies. Unfortunately, their two children who should have received their entire estate actually received nothing as everything went to their new step mother who now lives in their parents home and her and her older children now drive their fathers BMW car. Making a Will would have made sure that the children would have been looked after.
Don’t Skimp On The Cost Of Making A Will
Whilst this is a very sad situation that should never have occurred it can happen to any of us as we go about living our daily lives. This is a situation that a professional Will Writing Adviser could have helped them prevent easily. There are ways of preventing this from happening. If you care about your family then you will want to make sure you have the right advice. The right advice is not available from a cheap “DIY will writing pack” but from sitting down with a Will Writing Professional who can access your assets and understand your personal circumstances and needs. A will is not a case of one fits all; it’s about tailor making a will to suit you.
Making a Will takes just five minutes to arrange and can save an awful lot of grief.