Government figures indicate that almost 30 million adults in the UK – 60% of our adult population – have not made a Will.
A further breakdown shows that at present:
Don’t be a statistic
Your Will is perhaps the most important document that you will ever write.
Making a Will is the only way to ensure that your wishes are carried out after your death, and with a well-drafted Will you can:
- Choose who will benefit from your Estate, as well as what and how much they are entitled to.
- Safeguard your children’s futures by appointing guardians to look after them if they are under 18.
- Appoint people you trust to act as Executors and administer your Estate.
- Protect your assets through the use of Trusts.
- Mitigate Inheritance Tax liabilities on both your Estate and your beneficiaries’ Estates.
- Leave legally binding gifts of money or personal items to loved ones and charities.
- Save your loved ones spending unnecessary time and fees during probate.
- Exclude certain people from benefiting from your Estate.
Without a Will
Most of us know how important it is to write a Will, but worryingly there are many people that don’t know what happens when you die without a Will.
If you die without a valid Will, you have died “intestate” and your Estate shall be distributed in accordance with the Law of Intestacy. This means:
- The Government dictates who will administer your Estate, and they may not be the people you trust the most with your family’s inheritance.
- Delays in administering your Estate, as there are 6 months in which claims can be made against the Estate.
- The Government dictates who will benefit from your Estate, as well as what and how much they are entitled to.
- Unmarried partner’s are at risk of inheriting nothing from your Estate, and could be forced out of your shared home.
- Your children may not inherit your Estate, or their entitlement may be so much that it forces the sale of your family home and other assets to meet their inheritance.
- Your minor children may be put into care by Social Services, whilst the Court decides who shall look after them.
- High potential for (otherwise preventable) arguments and distress for your loved ones at what is already a very difficult, emotional time.