February 2022

68
Wanstead Village Directory
Will you?
Hollie Skipper from local solicitors Wiseman Lee explains why making a
will is important if you wish to avoid complications – and costs – for
those left behind after your death
Husband Tim and his wife Cathy have
two minor children. When Cathy died
without a will (intestate), her jointly
owned property with Tim automatically
passed to Tim by survivorship, together
with the remainder of Cathy’s estate worth
£100,000.
After a few years, Tim remarried in his 40s. His
new wife, Liz, has two minor children from a
previous relationship.
After their marriage, neither of them made
a new will. In any event, their marriage
would have revoked any will that they had
individually put in place before their marriage.
Tim and Liz bought a new house together
as joint tenants. Tim was healthy and active
but died three years later in a climbing
accident when his children were still under
the age of 18.
Liz is now the sole owner of the house she
bought with Tim and her children may well
inherit that property on her death if she too
dies without a will. Furthermore, Liz would
be entitled to a significant portion of Tim’s
other assets and could effectively receive his
entire estate, which is likely to include the
assets of his first marriage. Tim and Cathy’s
children could receive nothing. Only if Tim
left other significant assets, after Liz had
received her share under the rules of intestacy,
would his children inherit any remainder,
which is likely to be a small portion of
Tim’s estate.
It is tempting to believe these facts are
somewhat extreme, and the outcome
described unlikely, but situations like this are
common and relate to most second marriages,
even in later life.
With the proper advice, Tim and Liz could
have made wills after their marriage to
provide adequate provision for each other
but still ultimately protect their own children’s
interests in assets they may have amassed
during their previous relationships.
This whole issue is obviously sensitive and for
many a taboo subject. However, it is estimated
that over 30 million UK adults have not made
a will.
COVID-19 appears to show growing evidence
that younger people in their 30s and 40s have
started the will-making process. The sad but
perhaps inevitable issue is the pandemic has
caused many people to focus on thinking
beyond tomorrow and next year and to the
making of a will.
Putting a will in place does not need to be
expensive and there are other services, such
as lasting powers of attorney and declarations
of trust, which could also leave your affairs in
much better shape.
Wiseman Lee is located at 9–13 Cambridge
Park, Wanstead, E11 2PU. For more
information, call 020 8215 1000
To advertise, call 020 8819 6645 or visit wnstd.com