Never got round to it, or put it off for one reason or another? Seven out of ten adults still die without making a will, often leaving their loved ones to sort out complicated and stressful financial matters.
Dying without a Will in the UK will lead to your assets passing under the rules of Intestacy. In today's modern society with more and more couples cohabiting rather than getting married, dying intestate can cause serious problems. The intestacy rules only provide for spouses, children and other blood relatives, unmarried partners would not receive any benefit under the rules. Intestacy can also lead to complications for married couples as only the first £250k will pass outright to the spouse with the remainder being divided between any children and a more complex life interest trust.
If you are single you should also be wary of not making a Will. In cases where there isn't a close family unit there is a possibility that assets may pass to absent or distant relatives (or in extreme cases the Crown) instead of close friends or even charities important to you.
A validly executed and well drafted Will can also provide important planning measures to ensure that your chosen beneficiaries receive the benefit of your life's hard work. Such measures could include:
- Leaving monies in Trust to ensure that any means tested benefits of a beneficiary are not affected by the receipt of a legacy.
- Minimisation of potential Inheritance Tax liability.
- Leaving property in Trust to ensure capital is not expended should a beneficiary require permanent residential care.
- Ensuring a fair division of assets for couples with children from prior relationships.
If you would like more information on the topic of Will making please contact one of our team who would be happy to discuss this further. Alternatively, you can complete a simple form and one of our team of solicitors will contact you to discuss your requirements further.