Government figures indicate that almost 30 million adults in the UK have not made a Will… are you one of them?
If you die without making a Will, you have died “intestate” and your estate will be distributed under the Law of Intestacy incorporated in the Administration of Estates Act 1925.
Under the rules of intestacy….
- Your children may not inherit your estate… or, on the other hand they may be left with too much of your estate, forcing the sale of your family home to meet their inheritance.
- The law dictates who will administer your estate and they may not be the people you trust most with your family’s inheritance.
- Unmarried partners are risk of inheriting NOTHING from your estate and, worse still could even be forced out of the home you have shared together
- Minor children could be made wards of court and put in to care by social services whilst the Court decides who looks after them.
Rules of Intestacy explained in further detail here
Why should I make a Will?
Your Will is the MOST important document that you will ever write and, for most people is far simpler than they ever thought it would be. A properly drafted Will not only ensures people receive what you would like them to but can secure your children’s futures, reduce inheritance tax liabilities, save time and money…. Peace of mind for just £125 (including VAT) for a single or mirror will.
- You choose who will benefit from your estate and how much they are entitled to
- Secure your children’s futures by appointing a guardian to look after them if they under 18
- Minimise Inheritance Tax liabilities, a properly drafted Will can help minimise the amount you may have to pay as well as other future liabilities
- Appoint people you trust and who you know will be capable of winding up your estate to act as your executors
- Save your family time and money as it’s far quicker and cheaper to administer an estate where there is a Will than without one
- Make proper provisions for your surviving spouse. It is a common belief that husbands and wives (or civil partners) are automatically entitled to inherit everything, this is not the case. If you die without a Will then the rules of intestacy dictate how much your spouse is entitled to.
- Unmarried partners… If you do not make a Will under the intestacy rules your partner is not entitled to anything from your estate
- Prevent certain family members from benefiting from your estate. This can ONLY be achieved by writing a Will
- Leave gifts to friends, charities or other family members who might not otherwise be entitled under the rules of intestacy.
By planning ahead and writing your Will, you will have the peace of mind knowing that when the time comes you’ll have done all you can to make life as easy as possible for those you have left behind.
Don’t miss our latest Wills blog posts:
MAKE WRITING YOUR WILL THE ONE RESOLUTION YOU DON’T BREAK…
CHALLENGING A WILL – THE HOW, WHY AND WHO…