Intestacy

If you die without a valid Will, you die "Intestate" and the Intestacy Rules apply

Dying without a valid Will could be unfortunate for your family. For example the welfare of infant children would be handled by appointed administrators rather than the guardians you chose. Your Estate would be divided according to the Intestacy Rules which may be very different from what you would intend .

Beware!

Common law partner

A "Common Law Partner" (i.e. the survivor from an unmarried couple) does not benefit, although he or she can apply to the Court for reasonable provision. That can be a lengthy and expensive business, if opposed by the blood relatives.

If you are married with children

Your Spouse gets everything up to £125,000 plus personal possessions. Anything remaining is divided into two:-

Half goes to the children at 18 years

Half stays in Trust during your Spouse's lifetime

He or she gets the income

On spouse's death, this half goes to the children

If you are married without children

Your spouse gets everything up to £200,000 plus personal possessions. Anything remaining is divided into two:-

Half goes to your Spouse
Half goes to your Parents, if they are living
- If no parents, to your brothers or sisters (or their children)
- If no brothers or sisters alive, then to their children

If you are unmarried or divorced with children

Everything is held for the children equally

If you are unmarried with no children

Your Estate goes to your Parents
If they are no longer alive, then to the nearest relatives in accordance with a certain list - full siblings, half siblings, etc.

Intestacy Rules rarely produce the lowest possible Inheritance Tax ("IHT") bill and do not provide for any specific gifts or legacies. There is increased stress for the family and a greater possibility of a dispute.

If you haven't made a Will, you probably will not have received advice on related matters such as IHT Planning; Enduring Powers of Attorneys; "Planning for an Infirm Old Age" and "What to do when Someone Dies". A regularly reviewed Will can make provision for changes in the value of your assets.

Without a Will, the Administrators have to be sought out. There is a set list of those entitled to apply for the Grant. Detectives may be required to trace persons entitled to benefit from your Estate, thus wasting money and time.

When a person under the age of 18 benefits from your Estate, statutory trust provisions apply. Under a Will more flexible provisions can be incorporated. Anyone over 18 entitled to benefit will inherit immediately, the funds cannot be held in trust until they are older and perhaps more mature. In a Will, you can specify the age that they inherit i.e. 21, 25 etc.

Can you really say "Why should I make a Will"?