In the UK it is believed only around 47% of adults have a Will and the vast majority of these are people aged over 55.
Many of the younger generation simply feel they are too young to have a Will or they don’t have enough assets to warrant making one.
With many people remaining single, not entering into marriages and just co-habiting or living as ‘blended’ families (it is estimated that 1 in 3 families in the UK are this status) it is even more important than ever for the younger generation to have a Will.
After a recent client meeting to help a young couple sort out their Wills, Zoe Watson, paralegal in the Wake Smith Wills, Trust and Probate team, looks at what happens if you die without a Will whatever age.
If you die without a Will, you die ‘intestate’, meaning that the rules of intestacy will apply to your estate. This means the law will determine what happens to your assets rather than you.
The current order in which relatives will inherit is:
- If you have a spouse or civil partner and no children, they will inherit your estate.
- If you have a spouse or civil partner and children, the spouse/civil partner will inherit the first £322,000. The remaining balance will be split so that 50% passes to the spouse and the rest is divided between any children.
- If you are unmarried and have children, the estate would be split between your children. Even if you have a long-term partner or are co-habiting, they will not receive anything under the rules of intestacy.
- If you are unmarried with no children and your parents are still alive, then they will inherit your estate
- If you are unmarried, have no children and your parents have also died, then the estate passes to siblings. If you had siblings who have died, but they have left children, then your estate would be passed to them.
The intestacy rules are very rigid and your money may end up going somewhere that you wouldn’t have wanted it to or people may be missed out, such as partners or friends.
By making a Will, you are in control of what happens to your estate no matter how big or small, and you can include much more in a Will than you might think.
This includes:
- Who should inherit your estate (your beneficiaries)
- Who should be the person in charge of dealing with all of the admin (your Executor)
- Who should look after any children under 18
- Your funeral wishes
- What should happen to any pets
- Whether you have any personal belongings e.g. a piece of jewellery that you would want a specific person to have
- Any cash gifts you wish to leave, such as to a charity
- Back up provisions, so that if one of your beneficiaries dies, there is somebody else named to take their share instead.
Having a Will can also provide reassurance to those closest to you at a very difficult time that your wishes are being carried out as you would want them to be.
Your next move?
To book an appointment to review or write your Will please contact our Private Client Team on 0114 266 6660 or contact us online by clicking the contact button below.