Have you made a will? If you haven't, you are missing out on your right to decide who gets what from your possessions after your death. Because without a will, the state has to divide and distribute your property when you die, using the intestacy rules. It could mean that your friends or your favourite charities and even some of your close relatives may get nothing at all.
Even if you have made a will, it's not a good idea to forget all about it once you've put it in a safe place! Do you know what would happen to the gift you planned to make to a close friend who has died before you, for instance? Or what would happen to the possessions you've acquired since your will was made? It is vital to keep your will up to date and be sure that all the property you own at the time of your death can pass to family, friends or charities who mean the most to you. If it doesn't, the intestacy rules will be used to distribute the property which has been left out of your will.
This website highlights the dangers of relying on an old or home-made will and the importance of making a will which has been properly put together by a solicitor.
This is what happens under the Intestacy Rules
Married - with children
Your spouse gets everything up to ¯¿½125,000 plus your personal possessions. (If
your property is worth more than ¯¿½125,000, your spouse could lose their home).
Anything remaining is divided in two:
- half goes to your children when they are 18 years old (You may feel that 18 is too young for children to inherit - you can stipulate an alternative in your will);
- half goes in trust during your spouse's lifetime (he or she does not have access to the capital - only income from the capital). On your spouse's death, this half goes to your children.
You will not be able to nominate guardians for your children - as you would be able to in your will. Wouldn't you like to decide who will look after them if you die before they are grown up?
Married - no children
If you have parents, brothers or sisters, nephews or nieces, your spouse gets
everything up to ¯¿½200,000 plus your personal possessions. Anything remaining
is divided:
- half goes to your spouse;
- half goes to your parents;
- if no parent is living, then half goes to your brothers or sisters or their children.
Unmarried couples
If you are unmarried, you cannot leave your property to your partner unless
you make a will. Your partner will have to go to court to apply for a share
unless you have already made a will or put your possessions in your joint names.
This is how your estate may be dealt with if you have not made a will, or you have a will which does not distribute all of your property because it is invalid, incomplete or out of date. Wouldn't you rather have a say in what happens?
