Nobody likes to think of the inevitable, which is probably why so many people have not made a last will and testament. Making a will is probably one of the most important things you could ever do for your family or co-habiting partner.
68% of UK adults haven’t made a will, while 47% of those aged over 55 don’t have a will in place. Sadly, if someone dies intestate – without a will - this causes huge problems for friends and family at an already difficult time.
Whether you are young or old, you could help spare your loved ones further distress and ensure that your finances go to the right people. If you fail to leave a will, your estate will be distributed according to a set formula.
A Guide To Intestacy
Married partners/civil partners with children/grandchildren/great-grandchildren Married couples/civil partners often assume that if one of them dies, the spouse will inherit everything. This is not always so. Without a will ,if there are surviving children, grandchildren or great-grandchildren, the surviving spouse inherits: • all the personal property and belongings of the person who has died, and • the first £270,000 of the estate, and • half of the remaining estate
Husband and wife with no children If there are no surviving children, grandchildren or great-grandchildren, the surviving spouse will inherit: • all the personal property and belongings of the person who has died and • the whole of the estate with interest from the date of death
Jointly-owned property If the spouses were beneficial joint tenants at the time of the death, when the first spouse dies, the surviving spouse will automatically inherit the other spouse's share of the property. However, if the spouses are tenants in common, the surviving spouse does not automatically inherit the other spouse's share. Couples may also have joint bank or building society accounts. If one dies, the other will automatically inherit the whole of the money. Property and money that the surviving spouse inherits in this way does not count as part of the estate of the person who has died when it is being valued for the intestacy rules.
Co-habiting couples A couple who are living together but not married are in a somewhat precarious position. Rules of intestacy do not recognise common-law partners. The deceased’s family will have first call on his/her estate, and without a will in place the surviving partner could end up with absolutely nothing.
No family Without any remaining family or spouse, your estate will go the Crown - i.e. the Treasury. In this situation, a will can specify that your estate is to go to friends or to a charity instead.
How to make a will You write your will yourself, and you can draft a basic one from a template bought at many local newsagents and post offices, or from a reputable website. The trouble is that any mistakes may cause complications for your family later if the will is disputed or you have complicated family relationships, such as second or third families. In this case, do-it-yourself wills are not normally recommended. If you do choose this route, of course it would be possible to employ a solicitor to look over it to verify that it has been done correctly. Perhaps the best way to ensure that your estate is left as you wish is to draft a will with a solicitor or reputable specialist will-writing agency. This may cost a few hundred pounds, but isn’t it worth it for the peace of mind of knowing that your estate will benefit the right people?
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