With 51 million adults living in the UK, 27 million (a huge 53%) do not have a Will. Have you made yours?
Making a Will can be a very straight forward task, but is one that many people put off. However, if you die without a valid Will, you will be dying intestate and your estate will pass to those entitled under the intestacy rules. Under the intestacy rules, your estate could pass to unintended beneficiaries, and leave your loved ones in a very difficult situation at an already emotionally challenging time.
Almost 70% of cohabiting couples have not made a Will. This means that on death, the surviving partner would have no automatic right to inherit regardless of the length of time they have been cohabiting. This leaves many unmarried partners in a difficult financial position whereby they have to apply to the Court for financial provisions from the estate.
Married with kids
While many married couples would expect to receive each other’s estate in its entirety, this is not always the case. Without a Will, a spouse would only receive the first £250,000 absolutely. Thereafter the husband, wife or civil partner would only get a life interest (the use of) half of the remainder of the estate with the remainder passing to the children in equal shares. This can cause extreme complications, especially if the house is held as Tenants in Common and is of a high value.
If a married couple has children beneath the age of 18 years, it is extremely important to nominate guardians. These guardians would look after and care for the children until they attain the age of 18 years. This can be catered for in the body of one’s Will, and will provide parents with that much needed peace of mind that their children would be looked after by parties that they have chosen. This would also save any arguments in such unfortunate circumstances that both parents pass away before their children are adults.
Married for a second time
Second marriage is very common nowadays. It is important, especially if one or both partners have children from a previous relationship, to seek professional advice when drawing up a Will to ensure that the Will is set up to protect not only each other, but equally their respective children.
Our Solicitors here at Blaser Mills have the expertise to be able to assist you with the best format for your Will to ensure all objectives are met. We would highly encourage all people in the UK to seek advice with regards to making a Will. It is already a very difficult time for family or friends when they lose a loved one, and you can reduce the level of stress placed upon them by simply making a Will.
If you would like to speak to Lucy Pankhurst surrounding any of the matters highlighted in the article, or for any other issues related to Wills, please contact Lucy Pankhurst firstname.lastname@example.org or 01923 725003.