According to campaigner Will Aid, over half of the adults living in the United Kingdom do not have a Will. If you die without a detailed Will in place, you are classed to have died intestate.
Unfortunately, this could have disastrous consequences for those you leave behind.
Labour leader Ed Miliband and his wife, Justine Thornton, were recently asked about their Will status. They were rather sketchy on the details, suggesting that even they may not have the necessary paperwork in place for their estate to be distributed according to their wishes.
On the first of October 2014, there was a huge overhaul to the laws regarding intestacy. The new laws are starkly different to previous laws so it is advised that even if you do have a Will in place, you should revisit and update it accordingly; so that any beneficiaries are not left to untangle your legacy once you’re gone.
A popular misconception is that, as an unmarried partner – or even a married spouse – the “survivor” will automatically inherit the estate. In truth, the survivor can be left with almost nothing of the estate.
There are many other myths surrounding legacies. We would recommend speaking with an expert so you can separate fact from fiction and not have all your estate potentially taken over by the government once you are gone.
If you need assistance writing your Will or have further questions about the recent law changes, please give us a call on 0800 781 6658.