Few people would deny the sense in making a Will and most of us have at one stage or another considered it, but many of us just don’t get around to the task. Everyday life seems to get in the way and for most of us, the subject of death is all too gloomy to focus on for any huge length of time.

Why should I make a Will? 

Many people may find the idea of making a Will altogether morbid, however you can rest assured that it does not hasten the event. 

In reality, taking a little time to plan how you would wish your assets to be distributed upon death and knowing that your family and children have been properly provided for as per your wishes goes some way to relieving the stresses and worries that many of us may have about death, particularly as we get older. 

By making a Will, you control who inherits and how much of your estate each of your chosen beneficiaries receive.

What if I have not made a Will?

A person who dies without a Will, or valid Will, are referred to in law as having died “intestate”.  Under the rules of Intestacy, the law sets out firstly who has the power to take charge of the deceased’s assets, and secondly who is entitled to receive them by way of inheritance.

In broad terms, the next of kin are entitled to the deceased’s estate in an order of priority, depending on the value of the estate.

A spouse or civil partner has priority on the first £250,000, with the deceased’s children becoming entitled to share in the value of any estate over and above that figure.  It often comes as a surprise that the spouse or civil partner of the deceased will not inherit everything.   

In today’s world, the patterns of family life are much more diverse, and a family may include children by more than one partner, step-children.  It is important to be aware that a ‘common law’ wife or husband, now more commonly referred to as an unmarried partner or cohabitee, has no legal right to share in the estate of their partner

If you have not made a Will, these are all complicating factors. For example, if you are not married but have a long-term partner and child together, your child will inherit your estate if you die without a Will and not your partner. Most unmarried couples would wish, and expect, that their partner would be first in line to inherit, and their child second but this is not the case.  

Therefore, if you wish to have the reassurance that each and every member of your family is accounted for upon your death, making a Will is the best option for you.

Planning ahead can save you money and heartache, and most importantly will ensure you are in control of what happens after your death.

For more information on how to make a Will, please feel free to contact us on info@fhanna.co.uk or by calling the office on 028 9024 3901