14 January, 2019
Recordings in 2018 show that over 60% of people in the UK do not have a valid Will, according to research from Unbiased.co.uk.
This is an all-time high (passing the previous peak in 2011) meaning that now over thirty one million UK adults run the risk of dying intestate and having their estate distributed solely according to the law of intestacy.
Without a Will you will die "intestate" and the law makes very basic provision for who will inherit what and when. A Will is an important document and can do many things which the basic inheritance laws would not.
For younger families a Will can be used to appoint guardians and trustees who will look after children and their inheritance until they are old enough to do so for themselves. For unmarried couples, a Will is essential to ensure that the survivor will inherit as without a Will the law leaves everything to blood relatives ie parents, brothers and sisters or children of the deceased rather than their partner.
For people who have married for the second time or with families from a previous relationship a carefully drafted Will can provide for your new husband or wife whilst still protecting your assets for your own children later on - a common concern particularly for people who meet later in life.
A similar Will can be used for older couples who are worried about their assets being used to pay for care costs after one of them has died. If you have a vulnerable person in your family - perhaps with health, financial or relationship problems - then your Will can be prepared to provide for them in a protected way.
When making a Will it is important that you seek advice from someone who can talk to you about your circumstances and advise you on the options that are available. Whilst there are many ways to make a Will - solicitors, off the shelf kits, internet and will writers to name a few - it is important to get it right for your family.
For further information or to arrange an appointment to speak to Kirsty McNulty about your circumstances please call 01772 2200022.
Learn more about our Wills, Probate, Tax & Trusts department here