Have you made a Will?

Why you should make a Will

If you want to be sure your wishes will be met after you die, then a Will is vital.

Here are 6 reasons why it's important to make a will.

1. Reassurance

A will is the only way to make sure your savings and possessions (your estate) go to the people and causes that you care about.

2. Avoiding disputes between relatives

Disputes over wills can cause arguments among family members and may even need a solicitor to resolve them. Leaving a will should remove any doubt about who you want to leave your estate to.

3. Looking after your loved ones

Although it’s hard for loved ones to talk about death, talking about your will can save everyone a lot of worry. Deciding who you want to leave your possessions to (your beneficiaries) can help you make sure they go to the people you intended.

4. Protecting your assets for future generations

A will can ensure that assets are kept within the family and are passed on down the generations.

5. Saving on Inheritance Tax

With a carefully-planned will, you can also cut the Inheritance Tax bill on your estate after your death.

6. Your funeral

Your will can be a way to let people know whether you would prefer to be buried or cremated, and the type of funeral service and music you would like.

7. Avoiding the unintended consequences of intestacy.

Who can inherit if there is no will – the rules of intestacy

When a person dies without leaving a valid will, their property (the estate) must be shared out according to certain rules. These are called the rules of intestacy . A person who dies without leaving a will is called an intestate person.

Only married or civil partners and some other close relatives can inherit under the rules of intestacy.

If someone makes a will but it is not legally valid , the rules of intestacy decide how the estate will be shared out, not the wishes expressed in the will.

Married / Civil Partner

If there are surviving children, grandchildren or great grandchildren of the person who died and the estate is valued at more than £250,000, the partner will inherit:

• all the personal property and belongings of the person who has died, and
• the first £250,000 of the estate, and
• half of the remaining estate.

If there are no surviving children, grandchildren or great-grandchildren, the partner will inherit:

• all the personal property and belongings of the person who has died and
• the whole of the estate with interest from the date of death.

Children - if there is no surviving married or civil partner

If there is no surviving partner, the children of a person who has died without leaving a will inherit the whole estate. This applies however much the estate is worth. If there are two or more children, the estate will be divided equally between them.

Other close relatives

Parents, brothers and sisters and nieces and nephews of the intestate person may inherit under the rules of intestacy. This will depend on a number of circumstances:

• whether there is a surviving married or civil partner
• whether there are children, grandchildren or great grandchildren.
• in the case of nephews and nieces, whether the parent directly related to the person who has died is also dead
• the amount of the estate.

Other relatives may have a right to inherit if the person who died intestate had no surviving married partner or civil partner, children, grandchildren, great grand-children, parents, brothers, sisters, nephews or nieces. The order of priority amongst other relatives is as follows:-

Who cannot inherit

The following people have no right to inherit where someone dies without leaving a will:

• unmarried partners (sometimes wrongly called 'common-law' partners)
• lesbian or gay partners not in a civil partnership
• relations by marriage
• close friends
• carers