Creating a will lets you decide what happens to your property and other assets after your death. It allows you to control and direct how your estate is divided, and ensures that your loved ones are adequately provided for. It could also save time, money and stress for your loved ones when you are gone.
If you do not have a valid will when you die, your estate will be subject to the rules of intestacy, which may mean that your assets are not inherited by whom you would like them to be.
Our team can assist you by advising you on a tax efficient will – putting you back in control and ensuring that your life and afterlife wishes are actioned. We can also suggest local solicitors who could draft your will for you and work closely with them to ensure that your will reflects your wishes.
What are the rules of intestacy?
If someone dies with a valid will, their estate (after paying all debts and liabilities, including inheritance tax) will be distributed according to the terms of the will.
If someone dies without a valid will, there are strict rules which determine how their estate must be distributed (see the flowchart accessed via the link above). These rules do not make allowances for many modern family relationships, for example they make no provision for unmarried or unregistered partners. However, in these circumstances it may be possible for the surviving partner to make a claim under the Inheritance (Provision for Family and Dependents) Act 1975.