A Will is a legal document that sets out how you would like to divide your assets once you die, it also sets out who will be the guardian for your children if they are under 18 years of age. You can also appoint those you want to manage your estate, i.e. your Executors. It is an important way to protect your loved ones so that they can receive the inheritance that you choose for them to receive.
Around 60% of people in the UK die without a Will. This is an incredibly large percentage, wouldn't you agree?!
It is important to note that although you may have a Will in place if it cannot be found after your death, it will be assumed as not having had one.
When making a Will it is important to think about where it will be stored and that your loved ones know of this place so that when the unfortunate time comes there will not be any added stress of them having to find it. Although you can have copies made, it is the one original that needs to be used as only a small number of copies are accepted as a true copy.
A Will is important because it allows you to express how your assets are distributed after your death. It minimises potential family disputes and lets you decide who you would wish to leave your assets to and who you wish to manage your estate.
Guardianship Clauses
This is especially important when you have children who are under the age of 18 as you can appoint a guardian for them. A guardian is XXXX.
If there is no surviving person with parental responsibility then the court will decide who to appoint as guardian. This can lead to disputes and the children being placed with a family member that they may not actually know that well.
Distribution of Assets
If you die without a Will this means that you have died intestate and the rules of intestacy have to be followed. These rules can be both complicated but also run up the costs of using a legal professional.
Without a Will, it can lead to claims where certain people are not set to inherit anything, for example, unmarried cohabitating couples (i.e. without a Will it does not protect your loved one if you are not married).
The basis of the rules of intestacy are as follows:
If there are no children but you are married, all of your assets are inherited by your spouse or civil partner.
If there is no spouse or civil partner, all of your assets are inherited by your children.
If there is both a civil partner and child(ren), the estate is split as follows:
The spouse or civil partner inherits the first £322,000.
50% of the remainder of the estate is inherited by the spouse or civil partner.
50% of the remainder of the estate is inherited by the children.
If you have no spouse or civil partner or children, the estate is distributed between other family members, which I will not go into depth here (it depends on the family that is living at the date of your death and who may have children).
If there are no surviving relatives that apply, then the estate will go to the crown and is listed as an unclaimed estate.
In order to make the probate process as easy as possible it is imperative that you make a Will, if not for you then for the people who are left to deal with your estate.
Charlotte Pretty
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
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