Well it is not going to happen to me for a long long time yet.
Death that is.
But we never know, do we?
So making that Will is so important to ensure a finance mess is not left after your passing.
Here are some basics:
If you die without making a Will, the State makes one for you.
At present in England and Wales your estate would be distributed as follows;
Married or Civil Partnership couple
1. With no children, parents, brothers, sisters, nephews, nieces. The spouse or civil partner takes everything.
2. With children. The spouse or civil partner takes the chattels (car, furniture, clothing, jewellery etc) and £250,000 and income only from half of the residue. The children are entitled to the other half of the residue when they are 18 (or earlier if they marry) plus the surviving parent’s half on the latter’s death.
3. With no children but with parents, brothers, sisters, nephews, nieces. The spouse or partner takes the chattels and £450,000) and half the residue. The other half of the residue goes in order to:- a) Parent(s) or if none to b) Brothers and sisters or if none to c) Nephews and nieces
Unmarried or no surviving Spouse or Partner
Everything is taken by:-
- Children or if none by
- Parents or if none by
- Brothers and sisters or if none by
- Nephews and nieces or if none by
- Grandparents or if none by
- Uncles and aunts or cousins and if none by
- The Crown
Take Action now
The above provisions are unlikely to meet your personal wishes so by failing to make a Will you are likely to disappoint those who love you. Worse still, by having no Will there is every chance that:-
- family upsets and arguments will follow your death
- your minor children could be at risk
- your house and other assets will be at risk
- unnecessary costs/tax may be incurred
LET ME KNOW IF YOU WISH TO TAKE ACTION ON THIS AND I WILL PUT YOU IN CONTACT WITH SOMEONE WHO CAN HELP YOU.
You know you should make a Will – so act now, take advice and arrange your affairs as you want.