It may not cross your mind how much you’ll be financially worth when you die and, unfortunately, many people don’t think about the impact that not making a Will may have on their family.
A Will is the only way in which someone can express how they would like their assets distributing after they die, as well as who would be the nominated guardians for their children.
In addition, it can be possible to reduce the amount of tax payable on the estate upon death if a Will is drawn up.
What happens if you die without a Will?
Over 60,000 estates a year are “intestate” in the UK. This is where no Will was written or where the Will is invalid.
In this case, the Court would appoint Administrators to ensure that all debts are paid using the deceased assets, before distributing to the family. However, the spouse may not always inherit everything – for example, if they aren’t married. Similarly, it would not be the spouse’s choice who cares for the children – it would be the responsibility of Social Services.
This process can take months and sometimes even years, leaving your spouse with all the expenses as the assets could be frozen until the distribution is complete. The estate would be distributed according to strict division rules – without making a Will, no one person can have an increased benefit.
How can we help?
We advise our clients on their assets and help them to plan their financial future, but often get asked what will happen to their assets when they die. We strongly advise in making a Will.
With a great knowledge of your current assets and your plans for the future, we can help you in making a Will and ensure your family’s security.
Speak to one of advisers today on 01484 448 019 and find out how they can help.