If you have not arranged a Will, you will not have control over what happens to your assets and property after you pass away. That could mean that what you leave behind may not go to your chosen beneficiaries and could cause lengthy and costly legal issues for the loved ones you leave behind. This can become contentious and even cause family disputes.
If you die without a valid will, strict inheritance laws known as the Rules of Intestacy will apply. The rules in England and Wales state that once any tax and debts have been paid, the first £250,000 of the remaining estate, personal possessions and half of any outstanding wealth will go to the deceased’s spouse, with the rest going to children once they have turned 18. However, we should stress that the Rules of Intestacy vary in different parts of the UK.
Whilst the Rules of Intestacy enable a share of your money to go to your spouse or civil partner, there is no provision for unmarried partners. If you are living with your partner but are not married to them, they will not inherit a penny or have any legal claim to your estate without express wishes in a Will, even if you have been together for many years or have children together. Having a legally valid Will in place is the only way to guarantee that you can leave money to your partner if you have not yet tied the knot.
As time passes, life’s circumstances can change dramatically. Perhaps you got married, or divorced, had children, or maybe you bought a property or invested in a business. You can update your Will throughout your life, so it accurately reflects your current situation at any given time. Each new version of a Will nullifies the previous one.
A really important factor for those of you with children under 18, is that a Will allows you to nominate a guardian for your children if you and your partner die. Otherwise, a Court will have to make this decision, and whilst that decision is being made there is a real chance your children could be placed into the care system. At a particularly stressful time for the children, it would be more seamless if an expressly desired plan were in place.
If you have particular wishes for your funeral, such as where you want it to be, whether you want to be buried or cremated and what readings you would like at the service, a Will is a good place to make this known. If you have pre-planned and organised a funeral plan through a company, this information can also be included in your Will.
By being clear about your wishes and who is responsible for making key decisions, you are much more likely to avoid causing any unnecessary friction at a time when emotions will already be running high.
You can use your Will to leave a share of your estate to a charity or cause that is important to you. By writing a Will, you can make sure you are not paying more than you need to in Inheritance Tax. Again, it makes it easier for your family and loved ones at a distressing time.
Ultimately, having a Will in place means you can be sure your wealth will go to your chosen recipients and be distributed in line with your wishes. That can give you great confidence and peace of mind, as you know you are not leaving anything to chance.
