Why is buying a house the perfect time to make a will?

Do I need a last will and testament when I buy a house?

No, you do not need a will when you buy a house. However, it is the perfect time to consider putting together your last will and testament. An expert will lawyer, such as the team of will writing experts at Graysons, will be able to help you with your wills and estate planning to ensure you have a legally sound will that ensures your house and any other assets go to the loved ones that you choose.

What are the benefits of writing a last will and testament?

There are numerous benefits to effective estate planning and ensuring you have a legally sound last will and testament in place. This includes making sure your assets go to loved ones that you choose, helping to lower your inheritance tax, and saving your loved one’s time, money, and further heartache when you die. A will also enables you to appoint an executor, who will be responsible for organising your estate and ensuring that the instructions of your last will and testament are carried out.

What should I put in my last will and testament?

Your will is an opportunity to outline who you wish to inherit your estate when you die, and what share they should get. Your last will and testament should include:

• Who you want your assets to go to, and what share. This includes any money, such as cash in bank accounts, stocks and shares, any property that you own, your car, or any other vehicles, such as a boat, as well as any personal possessions, such as artwork, jewellery, and items of sentimental value.
• Appoint an executor to carry out the wishes in your last will and testament. You can appoint more than one executor, including friends, family, and a will solicitor.
• Who should look after pets, if you have any
• Who should look after any children aged under 18, if any, including naming guardians
• If you would like to leave any money or assets to charity, and how much
• If you own a business, who you would like to leave it to

An expert will lawyer, such as the team of legal will writers at Graysons, will be able to advise you of everything you need to put in your last will and testament and answer any questions that you may have.

Who can I leave my house to in my will?

Technically, you can leave your house to whoever you wish in your last will and testament. However, this depends on whether you are the sole owner, a joint tenant, or tenants in common.

Sole owner – this means that the house is only in your name and you can leave your home to whoever you wish when you die.

Joint tenant – this means that you own an equal share of the property. For example, many spouses tend to purchase a house as joint tenants. This means that when one person dies ownership of their share of the house would automatically pass on to their spouse.

Tenants in common – many people who buy a house jointly with a friend or business partner opt to be tenants in common. This means that each of you own a share in the property, but it may not be equal.  Tenants in common can state who they wish to pass their share of the property to in their last will and testament.

What will happen to my house if I do not have a last will and testament?

What happens to your house if you do not have a will depends on how you own your property. If you are a sole owner of a house and do not have a last will and testament, then a court will decide who inherits your house, along with all your other assets, based on UK law. If you are a joint tenant, then your share of the house will pass on to the other tenant, who will then own the house outright. If you are a tenant in common and die with no last will and testament in place, then the Rules of Intestacy will decide who will inherit your portion of the property.

What will happen to my mortgage when I die?

When you die, your mortgage will not disappear. Ordinarily, your mortgage will be paid out of the estate before any funds and assets are passed on to named beneficiaries in the last will and testament. If there are not sufficient funds to pay off the mortgage, or if a joint tenant cannot afford the mortgage payments on their own, then the house must be sold. In addition to making a last will and testament when buying a house, many people also opt to take life insurance out to cover the cost of the mortgage. For many, this ensures that a house does not have to be sold and can be passed down to loved ones.

When I die, will I have to pay inheritance tax on my house?

Whether you must pay inheritance tax on your house depends on who you leave it to in your last will and testament and the value of your house. If you leave your house to a spouse, a civil partner, or charity, then there is no inheritance tax to pay. Likewise, if the total value of the estate is below £325,000, then there is also no inheritance to pay. In 2017, the UK government introduced an extra allowance, called the Residence-Nil Rate Band which takes some of the value of a main residence out of the value of an estate, helping to lower the cost of inheritance tax further. This gives a threshold of £500,000 before tax must be paid. The RNRB also allows you to leave property to children, stepchildren, adopted children, and grandchildren without having to pay inheritance tax, if the estate is worth less than £2 million. One of the many benefits of having a last will and testament is that it can help limit the amount of inheritance tax you pay. For example, an expert wills solicitor will be able to advise on how you can build in trusts into your will to help lower the inheritance your estate will have to pay.

Does writing a will affect the conveyancing process?

No, having a last will and testament will not affect the conveyancing process. An expert will writer, such as the team of will lawyers at Graysons, will be able to help you with all your wills and estate planning while the conveyancing process is taking place.

How do I write a will?

If you are wondering how to write a will, then the best thing to do is to contact an experienced will writer, such as the team of experts at Graysons. They will be able to guide you through the will writing process and offer advice and guidance every step of the way.

Why should I use a will lawyer to help me with my last will and testament?

An experienced will solicitor has the necessary experience and skill to ensure that your will is written in a way that genuinely carries out your wishes. They will ensure your last will and testament is written in a way that is legally sound, limiting any reasonable doubt about the circumstances in which your will was made. In addition to writing your will, a will lawyer will also be able to offer advice on how you can limit the amount of inheritance tax your estate will pay.  Furthermore, a will solicitor will be able to safely store your will, making sure it is easily retrievable when needed. If you want help with writing your last will and testament, then put our will writing services to the test today.