If you die without making a Will, the law will decide who inherits your prized possessions, property and money, so of course it is best to take control of this by having a Will.
Making a Will is a relatively straightforward process and costs less than you may think. In the long run, it will save time and energy for your friends and family and feel reassuring to you, knowing that your wishes will be carried out. It’s an opportunity to look after the people you love and the charities you feel passionate about. Find out more about how to make a Will here
Intestate:
- If someone dies without making a will, they are said to have died ‘intestate’.
- If someone doesn’t have a Will the law will decide who inherits their possessions, property and money.
- Who inherits their estate will be decided by the Intestacy Rules (set out in the Administration of Estates Act 1925) and as you can imagine they are unlikely to divide up assets in the way someone would choose.
Unmarried/ no close relatives:
Under Intestacy Rules if you are unmarried and have no close relatives your Estate could automatically pass to the Crown (government) if there is no valid Will in place.
Cohabitants/ unmarried partners:
Do not automatically inherit your assets unless you have specified this in a Will – people living with their partner outside marriage or civil partnership are most at risk. If there are no close relatives then the entire estate could go to the Crown (government), regardless of any unmarried partner who may have lived with the deceased – risking leaving your partner homeless unless you own the property jointly.
Divorce:
If a marriage has broken down but a divorce has not been finalised, the surviving spouse might inherit the whole or part of the estate.
Children:
The courts may appoint guardians of children under the age of 18, if a guardian is not identified in a Will.
Large Estate:
Your estate is large and may be liable for inheritance tax and you may wish to make arrangements for tax planning. All charitable gifts are Free of Inheritance Tax.
The best way of avoiding the unintended consequences of the Intestacy Rules is quite simply to make a Will.
It is recommended that you seek independent legal advice if you have any questions relating to your own specific circumstances. Find out more here
