It’s hard to believe that nearly 60% of the adult population in the UK, do not have a Will.
If you die without a Will or ‘intestate’, then the cruel truth is that the law will decide what your relatives will receive from your estate. This can mean that relatives who you haven’t seen for years, may benefit from your estate.
Furthermore, if you die without a Will and without any living relatives, then the state will benefit and they will take your estate.
A worrying aspect is that unmarried or co-habiting couples are particularly vulnerable. Many believe that their estate would automatically go to their partner, after their death; this does not happen under the current intestacy law as it does not really reflect modern day society or modern day families.
Having a Will means that you can choose who gets what from your estate. You can choose how your property, money and possessions are distributed after your death.
Another issue to consider is inheritance tax; most UK adults only have a vague understanding as to how inheritance tax might impact on their estate and what they wish to leave behind for loved ones.
At a time when you are least able to cope with it, people are left having to deal with an a loved ones’ estate, second guessing what they would have wanted to happen, or who they would have wanted to benefit from their estate, whilst battling emotions which tend to run high when you have lost someone.
Take the stress and worry out of deciding who should benefit from your estate, by setting out your wishes in a will and avoiding any further distress or upset for those that you leave behind.