Legal News | 7.10.21
Don’t leave your future to chance
Making a Will can be the most important decision that you will ever make. If you die without leaving a Will, known as dying intestate, it can have many knock-on adverse effects, which many people simply do not realise. The intestacy rules are set out in law and state who will receive your money, possessions and property in the absence of a valid Will.
What are the rules of intestacy?
If you are married or in a civil partnership and you die intestate, your spouse or civil partner will not automatically inherit your entire estate. Instead, if you have children, the survivor will receive the first £270,000 of your estate, plus one-half of the remaining estate. The other half will be held for your children.
If you are not married then your children will inherit your estate, even if you are in a long-term relationship. Where children inherit, they will receive their share outright at age 18.
Why is making a Will so important?
If the above outcome does not reflect your wishes as to the distribution of your estate then you need a Will.
• Making a Will allows you to express your wishes and to specify who you would like to inherit your assets.
• You can include unmarried partners, friends and charities as beneficiaries of your Will.
• If you are married, but separated, your spouse would still inherit your estate under the intestacy rules.
• If you die intestate, administering your estate is often a longer and more costly process.
• Within your Will you can appoint guardians to look after your children if both parents die while they are under 18.
Give yourself peace of mind and get your Will in order.
If you would like to discuss making a Will, please email us at wealth@wansbroughs.com.
