Will: after gifts, 50% of estate to spouse or partner for their life, including house: 50% to children.
About this document
Most likely users of this will:
A person no longer living with the father or mother of their children who wishes to make sure spouse or partner is properly provided for, yet wishing the capital value to go to children after the death of that person. The main provision of this will is that some person has a life interest in half the value of the estate only. Of course the half may be some other proportion. Further, specific legacies may be made in priority of any life interest.
The will provides that the half share in trust for the life of the spouse or partner includes the matrimonial home, even if worth more than the stated 50%.
If the spouse or partner finds a new partner, the life interest terminates. This will includes trust provisions to compel the trustees to maintain the capital value of the life interest for the benefit of the remainder men (likely to be your children).
There is included a draft letter of guidance / intent to executors or trustees to make clear your detailed wishes.
The creation of a life interest requires the appointment of trustees whose task is to safeguard the assets and provide a balance, according to the wishes of the testator, between the person with life interest and those who are entitled to the capital when that person dies.
Next, read relevant information articles as listed in the column to your right.
There are many reasons to make a will. If you are reading this page, we assume you are convinced that it is a good idea. In the old days, it was efficient to change your will by adding or editing some small point in a “codicil”. In these days of word processors that is not necessary. Just re-write your will, making the changes you want. Some people do it every year. But do, do keep the notes attached to your Net Lawman will and refresh your memory on the pointers we give you. In particular, make sure you sign and witness your will correctly.
A will is a very important document. Making a will is more than “filling a form”. We want to help you to make your will so that it works exactly as you wish. Please, please read some of the information pages listed in the right column before you choose which will to buy. Each article deals simply with some aspect of your will.
Do not fear the gobbledy gook you still see in many wills. Some organisations, and even a few solicitors, still justify their charges by giving you a document 30 pages long. Yes, the law relating to wills and intestacy is very complicated. Add in today’s tax law and you can end up with not merely a can, but a barrel, of worms. Net Lawman wills keep it simple for you. Where we have to use time honoured legal text, we do so. There is no alternative. We also have to be very precise when dealing with some aspect which could affect tax. But wherever we can use simple, modern language we do that too.
Some advisers on wills may try to persuade you to enter into one of the tax “schemes” you see advertised in the newspapers. Maybe they are paid commission when you join up. We can advise you in complete confidence (we do not generally give advice) that any “scheme” to save tax is risky in that:
•It may not succeed under today’s law;
•Even if good now, the law may be changed before you die or make another will;
•It is probably very expensive
•If it fails, the tax may be payable by some person who least expected the bill.
If you are worth more than a few million pounds, see a solicitor specialist and pay for a bespoke will. Yes, it will probably cost a lot of money too, but he/she may find savings in esoteric corners which we do not include.
We do also provide comprehensive drafting notes with each will template document, so as to help you still more.
However, to help you decide whether this is the best will for you, here are a few more pointers:
We have specified “most likely users” of each will, but our classes are not exclusive. Anyone can make a will from any of these templates.
Gay? Remember that “spouse” exemptions do not apply. Best to specify your partner name precisely.
Contents
Details of the testator, executors and trustees
Specified gifts of money and property
Provision for life interest
Spouse has house for life
Trust provisions and powers
Minor beneficiaries
Funeral wishes
Letter of guidance / intent
Signature for testator and witnesses in line with section 9 of the Wills Act 1837
Extensive notes to guide you
Word
Count (approximate):
Document: 1900
words
Explanatory notes:
2200
words
Draftsman
This document is drawn and maintained by Net Lawman. It is real law in plain English.
