Welcome back to Elena Stylianou, head of our Wills and Probate department and Residential Property solicitor
Elena is the proud mother of a baby boy Jason now 14 months old
We are delighted to welcome Elena Stylianou back to the firm following time away from the office on maternity leave. Elena is the proud mother of a baby boy Jason now 14 months old and is busy juggling motherhood and her role as head of our Wills and Probate department
Elena works with both UK and non-UK clients on Wills and probate matters, and specialises in inheritance tax advice and Lasting Powers of Attorneys.
We asked Elena to write briefly about one area where she thought clients might be unaware that they need to put a Will in place, which you can read below:
Why married couples with children should have a Will
People shudder at the thought of making a Will. After all, who wants to spend time thinking about their death? But to protect your family and your assets, having a Will is of the most upmost importance.
Many married couples wrongly believe it is not necessary to write a Will as their spouse will be entitled to their entire estate in any event. But this is not true if they have children. If someone without a Will dies, the intestacy rules will apply. In the case of a married person, these state that their spouse is entitled to the first £250,000 of the estate, with the remainder split 50% to the spouse and 50% between any children.
This can become problematic if the estate is of high value and the share that passes to the children is subject to inheritance tax. This may leave the spouse with less money than anticipated, which could lead to them entering into financial difficulties.
As solicitors we always recommend that our clients review their Wills every couple of years to ensure that their wishes are kept up to date. This is especially important if their personal circumstances change or someone named in the Will passes away.
If you would like to discuss making a Will or reviewing your existing Will, please contact me, Elena Stylianou at [email protected]