Making a Will
| Published: 24th July 2008 21:05 |
Wills
Why should I make a Will?
If you haven't made a Will, you're not alone; over two thirds of the population haven't got a Will.
So why bother? Well, the chances are you have worked very hard for what you have got, so don't you want some say in where it will go when you die.
When you make a Will, you get that say, as a Will is a legal document in which you state what you would like to happen to your assets (property, personal possessions and cash) when you die. Those assets make up your estate.
When should I make a Will?
Anyone over the age of 18 years should make a Will.
What will happen to my estate if I don't make a Will?
If you die without making a Will you are said to have died intestate and your estate will be distributed according to strictly defined legal rules (known as the intestacy rules) and you could find a relative, whom you loathe and haven't spoken to in years, inherits a sizeable chunk of your estate.
Intestacy Rule (Correct as at July 2008)
Generally only if someone is financially dependent on you can they challenge these rules in court, with all the expense and worry that is involved.
- Jointly held assets
All jointly held assets will automatically pass to the survivor except in the case of property you hold as a Tenant in Common. Tenants in Common (owners of a property) each own a share in the property. How much each share is worth will depend on the agreement between the owner(s). When you die, your share will go into your estate and will be distributed in accordance with your Will, or, if you haven't made a Will, the Intestacy Rules. - If you are legally married with children
Your spouse will receive the first the £125,000, plus a life interest in half the remainder.
Your children receive the remainder. - If you are legally married with no children but there are parents, brothers, sisters, nephews and/or nieces
Your spouse receives the first £200,000, plus half the remainder.
Your parents or, if they are dead, brothers/sisters or, if they are dead, nephews/nieces receive the remainder. - If you are not married
Then your blood relatives inherit in the following order of priority
- Your issue (children, grandchildren etc)
- Your parents
- Your brothers and sisters (whole blood), or their issue
- Your brothers and sisters (half blood), or their issue
- Your grandparents
- Your uncles and aunts (whole blood), or their issue
If you have no surviving relatives, all of your estate passes on your death to the Crown (or Duchy of Lancaster or Duke of Cornwall)
What will happen to my children if I don't make a Will?
If your spouse/partner has also died, your minor children (under the age of 18 years) could be placed in care or with someone you would not chose to look after them
Will my Partner receive anything under the Intestacy Rules?
If you are not married, your partner will not inherit anything unless he or she applies to the Court for a share of your estate with all the expense and worry that it involves. If you have entered into a civil partnership, you and your partner will have the same rights as a married couple.
Funeral Arrangements
If you are not married, your partner will have no legal right to make your funeral arrangements.
When Should I Amend my Will?
You may need to change your Will if one of the following events occurs:
- Changes in the family
If there is a death in, or an addition to, your family, you may need to add or remove beneficiaries/executors/guardians in your Will. - Marriage
This automatically revokes an existing Will unless the Will specifically states otherwise. - Divorce
This does not revoke an existing Will, but a former spouse will cease to be a beneficiary and also may no longer be allowed to act as executor. - Separation
This does not have the same affect on your Will that divorce does, so you may wish to revise it as soon as separation occurs. - Your finances change for the better
You may wish to give your newly acquired assets to particular beneficiaries. - Your finances change for the worse
You may have insufficient assets for the legacies you have made. - A name change in a Beneficiary
If you leave a legacy to a charity or organisation that subsequently changes its name or ceases to exist - and no similar organisation can be found - your legacy may fail. - Going to live abroad
You should make a Will in the country where you reside to cover any immovable assets (e.g. property) which you have there, in addition to a Will for your immovable assets in England and Wales.
Article by:
Christine Easter, Solicitor
Regulated by the Solicitors Regulation Authority
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