By Cristina Lewis | Legal Editor | Thursday 17th June 2020
Ensure protection of finances in case of losing mental capacity for yourself & loved ones!
A shocking number of people delay writing a Will, leaving their loved ones’ future in the hands of the State.
- Six out of 10 UK adults have yet to write a Will*
- More than half of parents with children under 18 don’t have one**
- For those who have written a Will, most left it until they reached 47 to do so***
- If you die without one, the law dictates who gets your money
- When you die with no Will it is called dying “intestate”
Intestacy rules mean that if you have no close relatives, your money and possessions may go to the Crown or the Government - Don’t leave your legacy to fate – it’s quick and easy to write a Will with the right professional help
“As many as 31 million people in the UK have no Will in place, running the risk that their families will be left with a legal mess to untangle if they die.*”
It’s a terrifying statistic, but almost two-thirds of all Brits have yet to make a Will, leaving the fate of their loved ones in the hands of the State.*
What is more, over half of parents with children under 18 have not got this vital legal document in place to set out who will become their legal guardians.**
But with the right professional support, it’s not expensive or difficult to protect your family’s future.
Do you know what would happen to your family if you die without a will?
Why do so many of us put off making a will?
Research suggests that many people delay writing a Will because they don’t see themselves as wealthy enough to make it worthwhile.*** But you don’t need to be rich to make this legal document vital.
Putting in place a Will allows you to decide who will administer the division of your estate when you die – these are known as the “executors”.
You can also set out who you want to inherit what – these will be your “beneficiaries”. If you have children under 18 you will also set out who you want to look after them when you are gone.
Without a Will, a court may decide who is responsible for your dependants.
What happens when you die without a Will?
Death is one of those taboo subjects that we would do anything to avoid talking about. When you throw in all the legal jargon associated with Will-writing, it’s no wonder people feel anxious when contemplating this task. But burying your head in the sand is not the right answer.
Many people have no idea what would happen to their belongings if they die without a Will. There is a casual assumption that all will come right in the end and those we are closest to will get their fair share of our assets.
Unfortunately the law doesn’t see it that way. When you die without a Will it is called dying “intestate”. Strict intestacy rules dictate who will get what and this might not be in line with your wishes.
The only way to make sure that your instructions are carried out is to set them out clearly in a valid document that is independently witnessed.
What are the dangers of dying intestate?****
If you have no Will in place, the law sets out how your assets should be divided according to a set of rules. These may create a number of unintended consequences:
Unless you are married or in a civil partnership your partner is not automatically entitled to inherit anything when you die. If you are married, your spouse is likely to inherit most or all of your estate even if you are separated and no longer live together. Under intestacy rules, even if you are estranged, your spouse will inherit the first £270,000 of your estate and half of anything that remains.
Your beneficiaries could face a higher-than-expected inheritance tax bill because you have not split your assets in the most efficient way. If you have no close relatives, the whole of your estate passes to the Crown under what are called “bona vacantia” rules. If you jointly own assets such as property, ownership passes to the other joint owner when you die. With property, you must own the assets as “joint tenants” rather than “tenants in common” for this to apply.
Don’t let these nightmare scenarios happen to you****
Andrew and Sarah have two daughters, Lucy and Hannah.
Sarah sadly dies when the girls are teenagers and some years later Andrew meets Denise and remarries. They live together happily for several years, but then their relationship begins to deteriorate and eventually they split up. Denise moves out, but the couple do not get around to divorcing as life gets in the way.
Andrew believes that his daughters stand to automatically inherit the house they grew up in and doesn’t bother writing a Will. When Andrew tragically dies intestate, Denise receives the family home. As the house is worth less than £270,000, this leaves his daughters with nothing!
Chris lives with his girlfriend Katy in a flat he bought before they met. She is the person he is closest to as his father left the family when he was very young and his mother sadly died last year.
If Chris dies intestate the flat will pass to his father as his nearest living relative and Katy stands to get nothing!
Are DIY Wills a good idea?
It is possible to write your own Will using information that is available online, but a tiny mistake could have dire consequences.
DIY Wills may be cheap, but they could end up costing your family dearly in the long-run. In order for your Will to be valid it must meet certain standards, otherwise your wishes could be disregarded.
This could leave your true beneficiaries facing a costly legal battle to get the money they are due. Another option is to use a solicitor, but this can be extremely expensive and time-consuming.
Thankfully there is an alternative that is both secure and affordable. Will-writing professionals can help you put in place vital safeguards that ensure your wishes are carried out when you die.
With a properly-drafted Will from a reputable Will-writing service you can enjoy peace of mind that your family will be looked after when you are gone.