I don’t have a Will in place, what does that mean if I die?
Anyone who doesn’t have a Will in place is, in effect, leaving everything to the State to determine, from how their assets are split to who should care for their children. If you pass away without having a Will in place, you will be said to have died ‘intestate’, with the Intestacy Rules regulating who gets what if you pass away without a Will in place.
While in some instances, the Intestacy Rules do reflect what the deceased may have wanted, in many instances the process used by the Intestacy Rules can lead to completely unexpected outcomes. They can leave a loved one living in financial hardship, children being taken into the care of the State, and disputes arising around who should benefit from the Will.
That’s why it’s not recommended that you fail to put a Will in place and allow your assets to be distributed in accordance with Intestacy Rules.
It’s not just about your assets, it’s also about the impact your death will have on those closest to you. If you die without a Will in place, there are a set of processes that are usually followed, in regards to who is entitled to what.
Usually, if you are married and your estate is worth less than £270,000, your spouse benefits from everything.
If you have children, the first £270,000 plus all of your belongings will go to them, they will also get a 50% share of the remainder of your estate, with the other 50% going to your children.
If you are married but don’t have children, your spouse will inherit everything.
If you are not married but have children, your partner will inherit nothing, while your children will inherit everything.
If you are not married and have no children, your estate will go to your parents, full siblings, half-siblings, grandparents, uncles and aunts or their children. If you have no surviving relatives then your entire estate will go to the Crown.
The issue is that for anyone who is not married, the relationship is not recognised under Intestacy Rules, which means that if you fail to make a Will, the partner you have built a life with could be left with nothing.
Another issue is that if you’re a single parent – or both you and your children’s other parent pass away – and you don’t have a Will in place that determines what should happen to your children in the event of your death, they could end up in the care of the State, rather than living with a relative.
It’s your responsibility to ensure that you have an up to date and legally binding Will in place. Our Will writing service makes it simple and affordable to make a Will – if you’re yet to make a Will, get in touch with us today!