Wills

Wills in general

Let’s face it, we are all aware that Wills are underappreciated and very often overlooked. In fact, currently around 54% of the British public do not have one.

A few phrases come to mind when people discuss taking the step towards drafting a Will:

• “I’ll get around to it at some point”
• “I don’t need a Will”
• “I don’t want to talk about death”
• “I don’t have any assets to give away”
• “My family know what I want”
• “It’s a scary subject”

We know that speaking to a solicitor can be a scary prospect, particularly when the discussion involves the topic of what happens when you die. However, creating a Will is a step along the bumpy road to peace of mind for your future. 

Having A Will 

A Will is a legally binding way of dealing with your affairs after your death. There are many important reasons to have a Will, for example:

1. If you do not have a Will, everything you own will be shared out in a way which is decided by the law. This is outlined in more detail below
2. A Will certainly make matters easier for your loved ones when you die due to the certainty and understanding that comes with it
3. A well drafted Will can help with inheritance tax planning
4. A Will lets you choose people that you know and trust to deal with your affairs after your death.

In order to truly appreciate the importance of having a Will, you first need to understand what happens if you die without a Will.

The Intestacy Rules

If you die without a valid Will, your estate passes via a special set of rules called the Intestacy Rules. Under these rules you are not in control and only certain people can inherit your estate when you die. The rules apply in order of closeness:

1. Spouse or civil partner
2. Children/grandchildren (including adopted)
3. Parents
4. Brothers and sisters
5. Grandparents
6. Uncles and aunts
7. Cousins
8. The Crown

The amount that an individual will receive from your estate is uncertain and depends on the value of your estate when you pass away and who has survived you from the list above. 

A special mention must go to the following groups of people:

1. Cohabitants or unmarried partners
2. Common law spouses
3. Friends
4. Stepparents or stepchildren
5. Ex-spouses or civil partners

If you die without a Will in place, these people will inherit nothing! Therefore it is far more preferable to complete a Will, no matter how scary a prospect it is.