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Why Make a Will?

Many people assume that if they die without making a Will, their spouse or partner will automatically inherit all their assets.

In fact, if you die without making a Will, who inherits your assets is governed by the Intestacy Rules. These Rules divide your assets between your surviving relatives in proportions that depend on the relatives you leave behind.

For example:

• If you have children and leave a spouse or civil partner, he/she is entitled to your personal possessions and £250,000. The rest is divided in half: one half goes to your children and the other half is held on trust for your spouse or civil partner for life and then to your children.
• If you have no children, but leave parents and/or brothers or sisters, your surviving spouse or civil partner is entitled to £450,000, as well as your personal possessions. The rest is again divided in half: one half to your surviving spouse and the other half to your parents, or brothers and sisters.

The Rules may produce unwanted results if:-

• You are legally married, but wish to leave everything to your spouse.
• You are living together but not legally married (cohabitees are not entitled to anything).
• You are legally married, but have children from a previous relationship who you wish to benefit on your death.

Making a Will is a simple procedure and makes sure that you decide who will inherit your assets.

July 2009