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Your Spouse gets the first £270,000.

They also receive all personal possessions and half of any remaining estate.

Your children share the remaining half

The funds are kept in a simple Trust if they are under 18

Potential Risks:

  • Depending on the set up of your estate, your spouse may have to sell assets to ensure the children receive their funds

  • Care Fees - if someone goes into care, the local authority may use your estate to pay the fees

  • Children's ex-spouses may claim some of the funds

  • Your children could pay extra Inheritance Tax on their deaths. This is due to your funds increasing the value

  • Creditors can look to claim funds from the estate

  • No Guardians named. The local Authority will decide on their care, this may not be family members.

A standard Will ensures that your Spouse inherits everything and does not leave them having to sell anything. It may not cover the other risks, but you would ensure that a Spouse is catered for.

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