By failing to make a will, the money and assets that make up your estate will be distributed according to rules predefined by law. If you are survived by children who are still minors, arrangements for their upbringing may also be determined by law rather than your own preferences.
These laws are known as the rules of intestacy. While they may not seem controversial at first glance, they can result in your estate being distributed in a way that does not reflect your final wishes.
What can you decide with a will?
As we all know, family dynamics and relationships can be complicated. In many cases, people would rather:
- Choose who becomes responsible for their children
- Distribute the proceeds of their estate to their grandchildren rather than their children
- Share out money to step-children as well as biological children
- Give some money to charity
- Leave a particular asset or pot of money to a niece, nephew or cousin
- Share some money out among friends
Before you get started, you may find it useful to read our mini-guide on what to consider before writing a will.
To understand how and why a will might be necessary to ensure that your wishes are carried out after death, let us take a closer look at the basic laws that would apply should you die intestate.
The basics of a will
In the UK, spouses in marriages and partners in civil partnerships are treated the same under intestacy rules. Properties and bank accounts that are jointly owned automatically pass to the surviving spouse or partner.
However, if you and your partner are not married or legally united, the law does not recognise the relationship in the event of a death. This means that the surviving partner will not automatically receive the full assets when you die, regardless of the length of the relationship.
For this reason, unmarried partners are encouraged to draft a will to ensure that shared assets are allocated according to their wishes if one partner dies.
If an unmarried couple has children together, those children will usually receive an equal share of the estate. If any of your children die before you and leave children of their own, those grandchildren may receive an equal share of their parent’s allocation. This includes both children who can prove parentage and adopted children.
Here are some other rules that can apply if an unmarried individual dies without any children:
- The estate is shared out to any surviving parents
- If the parents are deceased, any brothers and sisters who share both parents with the individual receive an equal share of the estate
- If any of these siblings have died but are survived by their own children, those children receive an equal share of their parent’s portion of the estate
A will can help your family
By clearly stating your final wishes for both your assets and any children you leave behind, a will can help to avoid confusion and conflict among those you love.
It is not uncommon for there to be disagreements following an intestate death, especially where large sums of money are involved. If your family situation is complex or your choice of guardian for your children sits outside your immediate family, a will is essential to achieving the right outcome and avoiding unwanted issues.
Without a will, unmarried partners, close friends, carers or relations by marriage could be left without the inheritance you would want them to receive.
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