We are likely to lose a loved one at some point in our lives. But should your partner die before you, it does not mean you have to lose everything – including the roof over your head.
Of course, nothing compares to the emotional loss that comes with the death of someone we loved. But do you want to add a financial burden to your woes? If your partner dies before you, do you know how much of their money and belongings you get?
- A: 100%
- B: First £270k plus half the rest
- C: 50%
- D: It totally depends what they wrote in their Will
If you picked D, you are correct. If their Will says “everything to the cat shelter” then you would have to go to court to dispute it or face getting nothing and potentially being evicted from your own home.
If you picked B, this is the default “government Will” if no Will is in place and there are children involved. A is the default if there are no children (It’s a bit more complicated than this, but you get the idea).
C is what happens on divorce. This is rather odd, isn’t it? If they divorce you, they get half your assets, but if you die and you were still together, they potentially get nothing?
Don’t hope for the best. Plan for the inevitable.
These scenarios don’t have to be a cause of worry. If you think about what you want to happen and then get it properly documented, which includes making it more secure and tax friendly, then you can control things. Good planning involves many considerations. If you are unmarried with no children and minimal assets, a simple Will is probably enough. Otherwise, it’s worth going through our 100-point no-obligation process to get best advice. Oh – and did we mention that our basic service includes a planning element to cover all the things a Will doesn’t (like how to avoid losing your assets)? Or that we stay around until the point of death to make sure ‘handover’ of your plan to your Executor goes well? Kinherit: making sure no family loses out due to shoddy planning.