What Cheshunt Homebuyers Need to Know About Wills

If you’re buying a home in Cheshunt, making a will might not be the first thing on your mind – but it should be. Your property is one of your most valuable assets, and ensuring it passes to the right people is crucial. As a leading estate agent in Cheshunt, Woodhouse Property is here to guide you through this important consideration.

Why You Should Make a Will When Buying a Home

Purchasing a home is a major milestone, and it’s the perfect time to create or update your will. A will ensures that your property in Cheshunt and other assets are distributed according to your wishes. Without one, your estate may be subject to intestacy laws, which could mean your property goes to unintended beneficiaries.

Understanding Wills and Property Ownership

Your home is likely your largest financial investment, and property prices in Cheshunt are rising, making it even more essential to secure your estate. Surprisingly, 53% of people have not documented their wishes regarding their assets (source: The National Will Register).

Key Considerations When Making a Will

• Who will inherit your home? Whether it’s your spouse, children, family members, or friends, you should clearly state your intentions.
• Do you want to leave gifts to charities or organisations? Many homeowners choose to support a cause close to their heart.
• Guardianship for minors – If you have children under 18, it’s essential to nominate a guardian and outline financial provisions.
• Choosing an executor – This person will ensure your wishes are carried out. It can be a trusted friend, family member, solicitor, or accountant.

Joint Tenants vs. Tenants in Common – What’s the Difference?

If you’re buying a property with someone else, you must understand the difference between joint tenants and tenants in common, as this will affect how your home is passed on after your death.

Joint Tenants

• Each owner has equal rights to the entire property.
• If one owner passes away, their share automatically transfers to the surviving owner(s).
• You cannot pass your share of the property on in your will.

Tenants in Common

• Each owner can hold a different share of the property.
• Your share of the property does not automatically transfer to the other owners.
• You can pass on your share of the property in your will.

When buying a home in Cheshunt, your solicitor or conveyancer can advise on the best ownership structure and handle the necessary Land Registry registrations.

How to Make a Will

To create or update a will, consult a solicitor specialising in wills or a professional will-writing service. They will assess your circumstances and help structure your estate efficiently. Some charities even offer free will-writing services in return for a small legacy donation.

Is a Will Compulsory When Buying a Home?

No, there’s no legal requirement to make a will when purchasing property in Cheshunt. However, it’s highly recommended to ensure your property, assets, and inheritance tax planning are in order.

What Happens If You Don’t Make a Will?

Without a will, your estate is distributed according to intestacy laws. This could mean:

• Your property doesn’t go to your intended beneficiaries.
• Your loved ones face lengthy legal processes to claim their inheritance.
• In some cases, if no legal heirs exist, your estate could go to the Crown.

Currently, there are 5,883 estates on the official Unclaimed Estates List (source: Government Legal Department). Don’t let your property be one of them.

Secure Your Future with Woodhouse Property

At Woodhouse Property, we don’t just help you find the perfect home in Cheshunt – we ensure you’re informed about all aspects of homeownership. If you have any questions about buying property or need recommendations for trusted legal professionals, get in touch with our experienced estate agents in Cheshunt today.

? 01992 637777 | ???? info@woodhouseproperty.co.uk | ???? www.woodhouseproperty.co.uk

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