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The Value of a Small Estate

It is understandable to think that if we don’t have “very much”, or perhaps don’t have anyone to leave it to, writing a Will to protect our assets can’t be that important.

Yet having a small estate is no reason to put off writing a Will. Without a Will the Laws of Intestacy determine where our assets, few as they may be, will end up after we have passed away. If there is no clear beneficiary, with no Will and no heir, who inherits?

The answer is simple. The Government. Any estates that are left bona vacantia (ownerless) in England and Wales pass to the Treasury or to the Duchies of Cornwall and Lancaster. In 2012 alone the Government received £33.51 million from bona vacantia estates, money that could have been given to friends, charities or other organisations had a Will been put into place. These figures released recently by Pannone LLP show that this surge in the Treasury’s income derives not from large valuable estates, rather from a vast number of very small estates.

It is estimated that two thirds of the population have yet to make a Will, despite their best intentions. Pannone’s findings highlight the importance of having and updating your Will to ensure it remains valid – whatever the value of your estate.

Willwriting Services Ltd can help you put your Will in place, giving you peace of mind that your estate will pass to the person or organisation of your choosing. Their specialist legal consultants are available for home visits days and evenings, seven days a week and will guide you through the entire process. WSL are delighted to be able to offer Silverhairs customers a discount on their home visit Will writing service; £95 (was £120) for a Single Will or £115 (was £165) for a Mirror Will (for couples). Please call us direct on 0208 380 0333 or click here to view the offer.

 

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