Investors in Values

LWM Consultants Ltd.

Ensuring your wealth is protected….making sure you have a will

Intestacy rules“Without a will, the law decides who gets what – wishes or promises are worthless and who get’s what is determined by intestacy rules….intestacy rules do not recognise ‘common law partners’ and ‘step-children’”

Case study oneLawful spouse or civil partner (i.e. you are legally married), plus children

• If your estate is worth less than £250,000 then your spouse or civil partner would get everything

Case study oneLawful spouse or civil partner (i.e. you are legally married), plus children

• If your estate is worth more than £250,000 then your spouse or civil partner would get £250,000 and a life interest (i.e. the right to take interest in the remainder, but not the capital itself) in half of anything over this sum

• Your children would get the remaining half of the sum over £250,000 immediately and be entitled to the other half on the death of your spouse

• Should any of your children die before you then their children would be entitled to take their parent’s share

Case study twoLawful spouse or civil partner (i.e. you are legally married), no children, but parents/brothers/sisters/grandparents/aunts/uncles

• If your estate is worth less than £450,000 then your spouse or civil partner would get everything

Case study twoLawful spouse or civil partner (i.e. you are legally married), no children, but parents/brothers/sisters/grandparents/aunts/uncles

• If your estate is worth more than £450,000 then your spouse or civil partner would get £450,000, plus half the balance

• Remaining balance goes to other relatives in this order of priority – parents; brothers/sisters; half brothers/sisters; grandparents; aunts/uncles; spouses of aunts/uncles

Case study threeLawful spouse or civil partner (i.e. you are legally married) and no other relatives

• If your estate is worth less than £450,000 then your spouse or civil partner would get everything

• If your estate is work more than £450,000 and you have no other surviving relative (e.g. children, grandchildren, parents), then your spouse or civil partner would still get everything

Case study fourIf you are not lawfully married, but have had children

• Your estate will be shared between the children i.e. your common law partner will receive nothing

• Should they die before you then their children would take their share

Case study fiveIf you are not lawfully married, have no children, but have parents or have had brothers/sisters/grandparents/aunts/uncles

• Your estate will be shared amongst them i.e. your common law partner will receive nothing

• The order of priority will be – parents; brothers/sisters; half brothers/sisters; grandparents; aunts/uncles; spouses of aunts/uncles

• If any of these have predeceased, but have living children then the children will take their parent’s share

Case study sixIf you are not lawfully married, and have no other relatives

• Your estate will go to the Crown i.e. your common law partner will receive nothing

Should you make a will?

• Consider the case studies, if these apply to you then the answer is YES

• Other reasons to consider:

o You choose who receives your moneyo If you have assets over £325,000 , there are simple things that can be

done during your lifetime and under your will to reduce or negate any inheritance tax liability

o If you have children you can appoint guardians who will be responsible for your children’s upbringing, i.e. you can appoint someone you can trust

Common reasons for not having a will….

• Too young – if you are are old enough to drink and vote, you have money and you want to leave your money to someone you love, then you are not too young

• It’s too expensive – it doesn’t have to be expensive, you can draw up your own will, you can go to a solicitor or a professional will writer

• It’s time consuming – it doesn’t have to be, particularly with the aid of computers

• It’s too morbid – although depressing, we will die eventually and making a will won’t kill you!

Next step….• During November 2011 visit - http://

www.willaid.org.uk/ - pay £85 for a simple will and this will go to charity

• Alternatively you can purchase a DIY will kit, some of these are free (just search on online)

• Visit a family solicitor • Or, find a professional will writer – for example visit http://www.ipw.org.uk/

Any reference to other companies is not a recommendation, and we cannot guarantee the service that they offer. The information contained in this

presentation is based on our understanding of the law. Changes can occur and therefore we recommend that you check with legal professionals if there is anything you are not sure about. LWM are not qualified legal professionals,

this presentation has been purely developed to highlight a need.

LWM Consultants Ltd is an appointed representative of Sense Network Limited, which is authorised and regulated by the Financial Services Authority.

Registered in England and Wales under Company Number 07408315. Registered Office: St John’s Court Whiteladies Road Bristol BS8 2QY