If you don’t have a valid Will then your estate will be disposed of under the rules of intestacy. Don’t make the mistake of assuming that this will result in your property being distributed in the way that you would have wished. The rules of intestacy often do not produce that result.
You need to make a Will to ensure that your estate passes to the people you choose and does so without delay or argument. Without a Last Will and Testament unmarried partners may not inherit your estate. sometimes even spouses may not automatically inherit all of your estate. Apart from this very important reason for having a Will, think about the following also:
If a person dies without leaving a valid Will they are said to have died intestate. This may occur because the deceased never made a Will at all, or because they revoked their Will and did not make another, or because the Will is invalid; Approximately two out of every three people who die in England and Wales each year die intestate (without a valid Will)
The Act which deals with the laws of intestacy is in place to say where your estate passes, who deals with it and what rules they have to follow.Unfortunately, because the most of the rules and regulations were formed in 1925 they are considered out-dated and usually do not reflect the full wishes of most people.
These rules often do not produce the result that a person would wish. For instance, spouses do not necessarily receive the whole estate and people who live together have no rights to the property of their live-in partner.
Did You Know?
• If you are married and don’t have a Will, your assets will not all go to your spouse
• Getting married or entering into a civil partnership revokes your Will
• If you have a Will in another country it may accidentally revoke your UK Will
• If you haven’t appointed Guardians, the Courts will appoint them for you
• Step children will not benefit
• If you are living with somebody but not married, they get nothing
• If you die without a will, you will end up paying more inheritance tax and fees
• You run the risk of children inheriting too much money too early and losing it if they get divorced