Cash advice

If you are over 55 and haven’t yet made a will, or need to get your existing one amended, this could be the week you get it done for free… A will allows you to express who you want to administer your estate to, who you’d prefer to look after your children

1 NEVER ASSUME WHO WILL BENEFIT... If someone dies in the UK without a valid will, their property is shared out according to rules of intestacy, which means your estate can only be inherited by close family. For example: unmarried partners have no inheritance rights whatsoever under the intestacy rules. Unless you make provision for them in a will, they will inherit nothing, even if you have lived together all your life. 2 GIFT NOW TO SAVE MONEY Gifting while living could help loved ones avoid inheritance tax. You can give away £3,000 each year. In addition, parents can gift £5,000 to each child as a wedding gift, while grandparents can give £2,500. 3 BEWARE OF THE REVOKING RULE Wills are revoked when you marry, so even if you’ve written one to include your spouse or civil partner-to-be before your marriage, you’ll need to renew it afterwards. This is also important if you have children from a previous marriage: although your new spouse would benefit from your estate, your children might not. You may also want to write a will, or redraft your existing one, if you’re in the process of separating from/ divorcing your partner to ensure you’re assets go where you want them to. 4 DON’T PAY FOR IT! Research by Brewin Dolphin shows that only four out of 10 UK adults have an up-to-date and valid will. However, making a will is a relatively straightforward and inexpensive process. For instance, a single will can be drawn-up by a solicitor from about £200. However, if you’re aged over 55 you could take advantage of Free Wills Month this October. Register your interest and details at freewillsmonth.org.uk 5 IT’S NOT JUST ABOUT WEALTH Some people may not think they need a will because they don’t have much money in the bank, but you need to think about who you want to pass your belongings on to – such as your jewellery, car, home and even your pets.