What happens if I don’t have a will?

Without a will your assets, such as your house, your bank accounts, savings and investments, even your personal possessions such as jewellery, your car and anything else of value, could be distributed under the intestacy rules rather than following your wishes.

What is intestacy?
Intestacy rules (which apply if you die without a will) pass your assets on, dividing them up in a specific order.

The rules are slightly different in Scotland than in England and Wales but overall they are intended to make sure the bulk of any estate passes to any surviving spouse/civil partner and children.

It is not a foregone conclusion that your loved ones will get what you’d like them to have and with family circumstances ever more complex these days it really is worth getting a will sorted out.

Why is it important to make a will?
Getting married, entering a civil partnership, or having children should all be trigger points for getting your will written.

If you aren’t married but setting up home with your partner, it’s probably even more important as your unmarried partner won’t get any of your estate without a will that leaves it to them.

Your will also names the people you want to act as ‘executors’, to carry out the wishes stated in your will.

The executors will go through the process of probate, and eventually will be granted permission to distribute your assets to your beneficiaries.

If you and your partner (unmarried, spouse or civil) have children, you really need to think about who will look after your children should something happen to both of you – who will be their guardians and what will happen to your estate until the children reach 18?

Not having a will could mean that you are not in control of who looks after your children.

If you are not married and have no children your estate could pass to your brothers or sisters or even your parents, which could make your parents’ estate larger than they had planned for and so incur unexpected inheritance tax on their death.

If no immediate or more distant relatives are traced, your estate could even end up being passed to the government.

Those who find themselves dragged into the inheritance tax net, with assets including their home being worth more than £325,000, also need a will to make sure that they do not accidentally land more of their estate than they need to with a hefty 40 per cent tax bill.

If anything contained in this true story concerns you or your loved ones, why not call us now on 0800 731 3071