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Probate Registry statistics show that two thirds of people do not have a valid Will. It is natural that we do not want to consider death, but it is important to consider what will happen to the passing of your assets in the event of your death.
If you are married, only the first £125,000 will pass to a surviving spouse, or £200,000 if there are no children. If you are not married to your partner, it is quite possible that he or she will receive nothing. Your estate will pass in accordance with the laws of intestacy which is set down by law and may well mean that your estate will not be divided in the manner you would wish.
Making a Will is relatively straightforward and is something which should best be left to your lawyer. He will ensure that your wishes are complied with, that the Will is written in language which is not ambiguous and should ensure that full advantage is taken to minimise the incidence of Inheritance Tax. Finally, he will ensure that your Will is correctly executed (signed). The cost need not be excessive and you will have the peace of mind that the Will is correct and valid.
It is important that if you have both Spanish and English Wills that making amendments to one does not revoke the other.
Michael Rhodes is a member of the Society of Trust and Estate Practitioners with over 40 years experience in drawing up Wills and can assist both in English and Spanish Wills.
