A Will is a legal document setting out how you wish your assets to be distributed after your death. It allows the writer (known as the “testator” or “testatrix”) to specify who should inherit their money, property, land, business assets and personal possessions.
Wills can also include funeral wishes and instructions for the care of minor children by the appointment of guardians.
“What happens if I do not make a Will?”
If you do not make a Will, the law will decide who should inherit under a strict set of rules known as the “Intestacy Rules” which may not align with your wishes.
“I do not need to make a Will because I am married – everything will pass to my spouse”
Depending on the size of your estate and whether you have children, everything may not pass to your spouse or civil partner on your death.
If you have children, your spouse will be entitled to your personal possessions and a set sum of money called the “Statutory Legacy” with the remainder divided between your spouse and your children. This may not be your intention.
“I am unmarried – Will my partner receive anything if I do not have a Will?”
If you are unmarried but you are co-habiting or have a partner, they will not be entitled to inherit anything in the event of your death. This could leave your loved one with no option but to take legal action to make a claim for provision from your estate. This is expensive and upsetting at an already emotionally stressful time.
If you co-own property with your partner, they may end up co-owning their home with one of your (perhaps remote) family members, who decide they want to sell the property.
“Are there any tax benefits to making a Will?”
By not making a Will, you may miss out on valuable inheritance tax reliefs and exemptions and opportunities for succession planning. For example, if you own business or agricultural assets, it could be significantly more tax-efficient for these to not follow the rules of intestacy. You may also wish to include provision for charities which attracts exemption or reduction in inheritance tax.
Making a Will ensures your wishes are binding and can provide peace of mind for you and your loved ones.
Our Private Client Team are one of the most qualified and experienced teams in the area. A number of our lawyers are fully qualified members of the Society of Trust and Estate Practitioners (STEP) and Solicitors for the Elderly (SFE). We would be more than happy to assist you with Wills and Estate Planning.
Author: Bethany Wood, Chartered Legal Executive and Registered Trust and Estate Practitioner (TEP)
