Research conducted at the end of 2016 shows that nearly 60% of adults in the UK do not have a Will. There are many reasons for this, not least that thinking about one’s own death is not something many relish. In addition, few people are aware of the consequences of dying without a Will (known as dying intestate).
Unfortunately, departing the world without setting out how you wish your property and possessions (your ‘estate’) to be disbursed can result in heartache and stress for loved ones. If you die without a Will, the rules of intestacy come into play. Your estate will be shared out according to these rules, which may be very different from your wishes:
The Administration of Estates Act 1925 govern the rules of intestacy.
The order of entitlement to the estate is as follows:
- Spouse or civil partner
- Children
- Parent(s)
- Brother(s) or sister(s) of the whole blood or their children
- Brother(s) or sister(s) of the half blood or their children
- Grandparent(s)
- Uncle(s) or aunt(s) of the whole blood or their children
- Uncle(s) or aunt(s) of the half blood or their children
Let’s look at the most common intestacy scenarios in detail.
Spouse or civil partner – no children
In cases of intestacy, if the deceased is survived by more than 28 days by a spouse or civil partner and there are no children, the spouse or civil partner receives the entire estate. This applies even if the couple have been separated for many years.
Spouse or civil partner – no children
If the deceased has children, the spouse or civil partner will inherit all personal belongings plus £250,000 and one half of the remainder. The children will inherit the other half of the rest of the estate. For example, X dies intestate leaving an estate of £650,000. Her husband will inherit all her personal chattels plus £450,000. X’s children will receive £200,000. Again, these rules will apply even if the couple are separated. If X was living with a partner at the time of death, under the rules of intestacy, they would receive nothing, even if they had been cohabiting for many years.
Children – no spouse or civil partner
In this situation, the children will receive everything. A cohabiting partner, will not be entitled to inherit.
Guardianship of children
Most parents worry endlessly about their children – how are they getting on at school, are they eating properly etc. However, if you do not have a valid Will in place, you may unknowingly be playing Russian Roulette with your children’s future. If you and your spouse die at the same time and have not appointed guardians for your children, you may leave them vulnerable to court battles, raging family disputes and even foster care. By appointing guardians as part of creating your Will, you can choose who would look after your children if you and your spouse/partner were to die prematurely. This is an important decision for a parent to make, as it involves selecting someone who has the same values as you and who you trust to love your children as your own. At least by creating a Will, you can be at peace knowing you have ensured your children can enter a stable situation, should the unthinkable happen.
Why instruct a solicitor to draft a Will?
Although DIY Wills are commonplace these days, they are fraught with danger. Most private client solicitors will tell you they seldom reach probate without some issue occurring. Even if you do feel you do not have significant assets, it pays to invest a little money to ensure your Will is valid. An experienced solicitor will know what questions to ask to ensure you cover everything and everyone when drafting your Will. For example, if you have a daughter, you may wish her to have your engagement and wedding ring rather than be buried or cremated with them on. People often forget to make provisions for their beloved pets in their Will – a solicitor will prompt you to think about their welfare. They can also help you structure your estate so the beneficiaries of your Will escape being saddled with large inheritance tax bills.
In addition, cases involving contested Wills and probate have increased significantly over the past few years. To avoid your Will being challenged, it is important to have a solicitor draft the document to ensure it is executed correctly, free from ambiguity and it can be proven that you had full mental capacity at the time of drafting.
Organising a Will is an inexpensive and painless process when compared with the consequences of dying intestate. Once you have a Will, it is important to keep it updated. By doing so, you can relax, knowing that when the end comes, your affairs are in order and loved ones are taken care of.
“At my age I do what Mark Twain did. I get my daily paper, look at the obituaries page and if I’m not there I carry on as usual”.
Patrick Moore (1923 – 2012) British astronomer and television presenter
Nalders Solicitors has the knowledge and expertise to help you draft a valid Will. To speak to someone in our Later Life team, please phone our Truro office on 01872 241414.