A will is a legal document through a person can decide the manner in which his or her personal assets (financial assets, real estate properties and other goods) will be divided amongst the person’s heirs, after the passing of the said person. Such assets will be, however, divided in accordance with the inheritance legislation applicable in the United Kingdom (UK).
It is recommended to sign a will, especially in the case of couples who did not get married, as in this case, there aren’t numerous rights to secure the benefits of the surviving partner. Our will solicitors in Manchester can help you with in-depth advice on how to draw a will and can present you the types of taxes that might be involved when the ownership of various goods is modified.
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How can our will solicitors in Manchester help you?
Our will solicitors in Manchester have an in-depth expertise in any matter related to the inheritance legislation and can help clients who want to draw a will or those who are the legal heirs of a person who has signed a will; also, we can easily represent heirs of persons who haven’t signed a will and here, various situations can occur, including litigation cases, usually heard in front of a court. You can easily rely on our team for the following services:
- our lawyer in Manchester can help you prepare a will and sign it;
- you can also address to our team in the case in which you want to review your current will, by including new provisions and wishes;
- you can also receive legal representation in preparing a lasting power of attorney, through which you can decide how your estate and welfare will be taken care of, as well as the person who has received this right from you;
- you can also receive legal advice on the manner in which your estate will be transferred to your heirs, as well as the financial consequences involved in this case (the inheritance tax can apply based on the value of your assets and the type of assets);
- legal advice and legal representation for various legal situations which are regulated by the Inheritance Act.
What are the highlights of the will industry in the UK?
Although the UK is a state which provides numerous legal acts through which the citizens can protect their well-being and their rights, with regards to securing a will, the British population seems to be reluctant or unaware that not having a will can have negative consequences on the future heirs. The current statistics on wills in the UK show the following:
- in 2015, 53% of the UK citizens entitled to have a will did not have such a document (this accounted for 27 million persons);
- in the case of cohabitating couples, approximately 70% of them did not have a will;
- in 2010, the UK Treasury gained GBP 53 million from persons who have died intestate, without drawing a will;
- in the case of those who have a will, approximately 48% of them have requested a review of the document;
- persons who did not sign a will said that the main reason for this was given by the fact that they haven’t given it too much importance (51.6%) or that they do not have anything of value to be left as an inheritance (22%).
Why is a will necessary?
A will is an important tool, as it can reflect your wishes for the goods and assets you have obtained throughout your life. It is a suitable way to decide on how you want those assets to be shared and, if you do not have any relatives, you can still establish who will inherit your assets. Depending on your circumstances, our will solicitors in Manchester can offer more details.
If you do not have a will and you are married, your spouse is entitled to obtaining most of the inheritance, and if you have children, through a will, you can make sure that they will receive more than what is established as a general rule under the Inheritance Act. In the case of couples who are not married, the surviving spouse may end up with no inheritance at all, even in the case in which the couple has spent their entire adult life together.
One should also know that in the case in which there aren’t any living heirs and if there isn’t a will to stipulate how the assets should be divided, they will automatically enter in the property of the Crown. Here, it is important to know that one can leave financial assets or property to goodwill, non-profit organizations and other entities that are of interest for the person drawing the will.
If you need additional advice, we invite you to contact our will solicitors in Manchester. With the assistance of our lawyer in Manchester, you can draw a valid will, recognized by the applicable law and you can also receive additional legal services that can be of interest for you. Please refer to our Manchester law firms for more details.