Last week, the NHF published its final version of its new Code of Governance and made some important changes from the previous draft that will impact on those housing associations looking to adopt it.
Let’s face it, Wills are underappreciated and often overlooked. In fact, around 54% of the British public do not have one!
A few phrases come to mind when considering taking the plunge and drafting a Will:
- “I’ll get around to it at some point”.
- “I don’t need a Will”.
- “I don’t want to talk about death”
- “I don’t have any assets to give away”
- “My family know what I want”.
Whilst speaking to solicitors is a scary prospect, it becomes worse when the chat involves what happens when you die. Breathe, it is fine to have these feelings. This is a step along the bumpy road to peace of mind.
Having a Will
A Will is a legally binding way of dealing with your affairs after your death. There are many important reasons to have a Will, for example:
- If you do not have a will, everything you own will be shared out in a way that is decided by the law. This is outlined in more detail below.
- A Will makes matters easier for your loved ones when you die due to the certainty and understanding that comes with it.
- A well-drafted Will can help reduce any inheritance tax liability that may arise against your Estate.
- A Will lets you choose people that you know and trust to deal with your affairs after your death.
To truly appreciate the importance of having a Will, you need to understand what happens without a Will.
The Intestacy Rules
If you die without a valid Will, your Estate passes via a special set of rules called the Intestacy Rules. Under these rules, only certain people can inherit your Estate when you die. The rules apply in order of closeness:
- Spouse or civil partner;
- Children/grandchildren (including adopted);
- Brothers and sisters;
- Uncles and aunts;
- Cousins; and
- The Crown
The amount that an individual will receive from your Estate is uncertain and depends on the value of your Estate and who has survived you from the list above. One certain thing is that there is no control over who receives what from your Estate.
A special mention must go to:
- Cohabitants or unmarried partners;
- Common-law spouses;
- Stepparents or stepchildren; and
- Ex-spouses or civil partners.
If you die without a Will, these people inherit nothing!
How can we help?
Our firm has a clear purpose to improve lives, communities and society and this starts with our clients.
Our specialist team of personal planning lawyers are on hand to offer you all the advice and assistance you need to put your affairs in order and protect your loved ones, should the worst happen.
Please contact Reiss Taylor for more information.
As the end of 2020 beckons, we take a look at what progress the Sterling market has made in its preparations for the end of the London Interbank Offered Rate (LIBOR) on 31 December 2021.
Finally, there is a glimmer of hope that perhaps the Covid-19 pandemic could be reaching its end.
For part 2 in this series of short podcasts, Chris Lloyd-Smith interviews senior associate Lisa Whitehouse on how she has been coping during these unprecedented times.
Delayed since Spring 2020 as the Government tackled the Covid-19 crisis, Tuesday 17 November saw the publication of the Social Housing White Paper, setting out the future regulation of the sector
In this ebriefing, we examine how the duty holder regime will apply to social housing providers with existing HRRBs in their housing stock.
Following Katherine's "heads up" last week, the Government has now confirmed that for claim periods post 1 December, employers will not be able to claim for employees who are serving their notice
For part 1 in this series of short podcasts, Chris Lloyd-Smith interviews solicitor Puja Desai on how she has been coping during these unprecedented times.
Over 100 trainees and future trainees from Birmingham joined the BTSS for a webinar to address concerns around training remotely and qualifying during a possible recession.
Anthony Collins Solicitors has supported Birmingham-based Complete Care Holdings in its acquisition of Amegreen Complex Homecare Ltd.
To receive invitations to our events, as well as information and articles on legal issues and sector developments that are of interest to you, please sign up to Newsroom.