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| Planning for the Future with Alan Powell |
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Page 2 of 2 The house and the £60,000 passes to spouse automatically leaving the investments to pass in accordance with the rules of intestacy. £250,000 passes to the surviving spouse/civil partner and the remaining £30,000 is divided into two. £15,000 passes to the deceased’s children who will inherit on attaining the age of 18 or earlier by marriage and the remaining £15,000 is usually placed on trust with the spouse only able to take income from the value for their lifetime and on the death of the surviving spouse it will pass to the children. There could potentially be a problem if your main asset is your home and it is in your sole name. It is becoming more common for problems to arise in second marriages with children from a first marriage where the home is held in the deceased’s sole name is valued over £250,000. This can also work the other way where the deceased may want to direct certain assets to his/her children. If there were no children the surviving spouse/civil partner receives the first £450,000. Any sum over the £450,000 will pass to the deceased’s parents, if alive or alternatively if this is not the case the siblings. If no living blood relative can be traced the estate will eventually pass to the Duchy of Cornwall. Is this what you want? A will also speeds up probate so that the spouse would not have to wait an excessive period of time. The estate passing over to the beneficiaries could also be subject to Inheritance Tax that would have to be paid within 6 months of the tax being due before any monies etc would be released to the beneficiaries but this would be another topic to cover. If you are not married under the intestacy rules you do not have a right to any of the deceased’s assets, perhaps there is even more cause for you to write a will. This is a simple guide, feel free to download a document from my website www.elite-wealthmanagement.co.uk or contact me direct for a free initial consultation. Otherwise contact your solicitor or use one of the solicitors mentioned on my website if you do not have one. UK Tel: 01736 360740 UK Mob: 07879 836785 UK Fax: 01736 360740 Elite Wealth management is a trading style of Elite-Wealth Management UK Ltd which is authorised and regulated by the Financial Services Authority. Registered office: 2 the Old Blacksmiths, Bodinnar Lane, Newbridge, Penzance, Cornwall TR20 8NN. Registered in England and Wales No: 6804590 Financial Service Authority number: 496442. The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. The Financial Services Authority does not regulate Taxation Advice and some forms of Mortgages. info@elite-wealthmanagement.co.uk Estate planning and Will writing are areas not regulated by the Financial Services Authority. | ||||