Wills v Intestacy – Do you really need a Will?

Making a Will seems to be one of those things that many people put off doing for a number of reasons; it could be the cost, the fact that it seems quite daunting or just simply one of those things that is on the “to do” list but is continuously being moved to the bottom of the list.

However, it is worth thinking about what would happen if you died without a Will… Are your wishes going to be adhered to? Are your loved ones even aware of your wishes? Will your estate pass to the people you want to benefit and even then, would it pass in the proportions you would have wanted?

Without a Will there is no evidence to confirm what you would want to happen to the assets you have worked so hard for throughout your lifetime. It can also cause many family conflicts which can be upsetting to deal with at such a difficult time and make the probate process particularly problematic.

If you do not have a Will then your estate will pass under the rules of intestacy, which means your assets will pass in accordance with a flowchart, rather than in accordance with your wishes.

While intestacy may seem like a convenient default option, the benefits of having a Will should not be overlooked.

You may need to consider your needs and wants and bespoke advice will help you achieve your desired outcome.

Some of the reasons to make a Will:

• Avoiding family conflict – making sure those you want to benefit do

• Protecting loved ones – do you have a blended family? You may want to protect your children in the event of remarriage / divorce

• Providing for those who will not benefit under the rules of intestacy - an example could be providing for unmarried couples – the rules of intestacy are particularly harsh when it comes to unmarried couples and they will not inherit under those rules

• Minimising taxes and expenses – correct estate planning could mean saving a large amount of money in the long run

If you would like to speak to us about making a Will, then please give our friendly team a call on 0116 212 1000 or 01858 445 480 or complete our online Contact Us form.

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