A significant proportion of individuals in the UK pass away intestate, meaning they die without having established a Will. Many of those who die without a Will do so under the assumption that their assets will automatically pass to their loved ones, or they may simply forget to update their Will following changes in their personal circumstances.
This article seeks to address several common misconceptions regarding the creation of a Will.
1. You do not need a Will if you are married and want your spouse to inherit your estate
If a married individual dies intestate, their spouse or civil partner does not automatically inherit the entirety of the estate. The distribution of the estate depends on various factors, including the deceased’s personal circumstances and the overall value of the estate.
Whilst assets may well pass to your spouse if they are held jointly, there are specific rules with respect to what happens to assets held in your sole name which may mean that your spouse will not inherit the whole estate.
2. A Will made prior to marriage or civil partnership remains valid after the event
Unless your Will explicitly states that it was made with marriage or civil partnership in mind, the marriage or civil partnership will automatically invalidate an existing Will and you will be considered to have died intestate.
3. You live with your partner and have a “common-law” marriage
Under UK law, unmarried partners do not have the same inheritance rights as spouses or civil partners. If a person dies intestate and has not made provisions for their partner in their Will, the partner will not inherit any portion of the estate under the rules of intestacy.
4. Your family knows your wishes and will ensure your estate is distributed accordingly
In the absence of a Will, your assets will be distributed according to the rules of intestacy, which may result in certain family members being excluded from inheritance. This could mean that estranged relatives you did not intend to benefit from your estate may inherit instead of those you would have wished to provide for.
5. If you die without a will, your children will inherit your estate
Children will only inherit the entire estate if there is no surviving spouse or civil partner. If you have separated from your spouse but are not legally divorced, they would inherit in accordance with intestacy rules, even if you have children.
6. Your children will inherit your estate under the Rules of Intestacy, but you own a property in sole name, and your partner lives with you. You trust that your children will allow your partner to remain in the property after your death
While family members may currently get along, it cannot be guaranteed that this will always be the case.
If you wish to ensure that your partner can remain in your property after your death, it is crucial to create a Will that explicitly expresses your intentions.
7. You do not have many assets and therefore believe a Will is unnecessary
Regardless of the value of your estate, it is important to ensure that your assets are distributed according to your wishes.
Moreover, your assets may increase over time—through inheritance, investment growth, or other means.
A Will also provides an opportunity to appoint guardians for your children, make gifts of sentimental value, and specify your funeral arrangements.
8. Writing a Will is expensive, and you can draft one yourself at home
While Wills can be complex, they do not have to be expensive. It is indeed possible to draft your own Will, however a poorly drafted or improperly executed Will may be deemed invalid, potentially leading to complications for your loved ones.
9. You do not need a Will until you are older or unwell
None of us can predict the future or foresee when an unexpected event may occur.
To create a valid Will, you must possess sufficient testamentary capacity (mental capacity). As such, it is advisable to prepare a Will while you are in good health, allowing you peace of mind that your affairs are in order.
What can Carr & Co do?
At our firm, the cost of drafting a single Will is £250 + VAT. Alternatively, we offer a package for married couples to draft two Wills for a total cost of £450 + VAT.
Our services include comprehensive advice on matters such as Lasting Powers of Attorney, Inheritance Tax liability, and Local Authority Care Charges. Additionally, we offer secure storage of your Will for the duration of your lifetime and provide free reviews every three years. In the unfortunate event of your passing, we also offer a free reading of the Will to your Executors, assisting them with any questions or concerns that they may have at the time.
If you wish to proceed to make an appointment with a member of our Private Client Team, please contact our office on 01670 351251.