Research from Today’s Wills and Probate shows that nearly 60% of the UK population do not have a valid Will in place which could result in your estate being distributed in ways that no longer align with your wishes.
Studies have shown that although 77% of the population believe it is important to have a Will in place 24% of the study say that they do not hold enough assets to warrant the creation of a Will.
The Importance of creating a Will
If a person dies without creating a Will then their estate will be determined by the Rules of Intestacy.
Under the Rules of Intestacy only married/civil partners and close relatives can inherit a person’s estate. This means that the first £322,000 of the deceased’s estate and personal belongings will pass to the spouse, and in some cases where the estate is more than £322,000, then the remainder of the estate will be divided between the spouse/civil partner and all children living at the date of death.
What happens if I am in a relationship, but we are not married/in civil partnership
Many relationships today do not always result in couples entering into a marriage/civil partnership.
There is often a misconception that if a couple have been in a long-term relationship that it is recognised by common law and therefore, they are entitled to inherit from their partner’s estate.
Unfortunately, this is not the case. Under the rules, if you are not married/civil partnership you are not entitled to inherit.
If you which your partner to inherit from your estate having a Will in place will ensure that these wishes are carried out.
What if my children are Stepchildren
All children of the deceased are entitled to inherit from the estate, this includes any children legally adopted by the person who has died.
If the children are stepchildren and have not been adopted by their stepparent, then they are not entitled to inherit and cannot inherit under the Rules of Intestacy.
Other Living Relatives
If the person who died has no living spouse/civil partner or children, the Rules of Intestacy set out a certain procedure to follow in which they assist in identifying who is entitled to inherit depending on how the person is related to the deceased.
What happens if I do not have any living relatives
If there are no living relatives who can inherit under the rules of intestacy then the estate will pass to the Crown.
The Treasury Solicitor will then become responsible for dealing with the estate and the Crown can make grants from the estate but does not have to agree to them.
How can we help?
Our Private Client Team have the experience and knowledge to assist you in your Estate planning and can help ensure that you have peace of mind that your wishes are carried out following your death.
We provide competitive fixed fees wherever possible and our team is always up to date with the latest changes in legislation to ensure that you are advised correctly.
If you would like to discuss putting a Will in place or simply making changes to your current Will, please contact Marisa Geesing or a member of her team on either 01904 234095 or by email on marisa.geesing@rglaw.co.uk and we would be happy to assist.
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