Wills - Property Owners-Beware!
Posted on 8th April 2022 at 09:47
It is believed that that 27 million or 43% of the UK adult population have not made a will.
Therefore it would seem realistic to assume that a large percentage of this number own their own property. As the property will be their biggest asset it would seem prudent that making a Will is essential to ensure that it passes to the right people on their death.
If someone dies intestate the rules under intestacy may well mean that a share of the property passes to the people who they don’t want it to go to. This is very likely to happen if an unmarried couple own a property as they don’t have the same protection under the intestacy rules that apply to married couples. Whilst a person may bring a claim as a recently bereaved co-habitee there is no guarantee of success.
The cost of making a Will would be significantly less than the cost to rectify the situation as a will clearly directs where your estate passes especially in the case of unmarried and or single people.
Jointly owned property can be more complex, in the case of owning as Joint Tenants the property passes to the surviving joint owner automatically. In the case of Tenants in Common a Will is essential to ensure it passes to the right person whether it is the surviving joint owner or somebody else.
Making a Will makes it a lot easier for those left to sort things out. Moving house doesn’t revoke the Will usually as you don’t often refer to a particular property but the wording can include any replacement property.
Don’t say you were not warned!!
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