Many people assume their estate will naturally go to the people they care about most. However, without a valid will, the law, not your wishes, determines who benefits from your estate. This can lead to unintended and sometimes heartbreaking consequences. Here’s what you need to know about the rules of intestacy and why having a will is so essential.
The Rules of Intestacy
The rules of intestacy apply when someone dies without a valid will. These rules dictate how your estate is distributed, and they follow a strict legal hierarchy. While these rules aim to be fair, they don’t always align with what you might consider fair or appropriate.
For instance:
Spouses and Civil Partners: If you’re married or in a civil partnership, your spouse or partner is usually the first to inherit. However, even this can be limited depending on the size of your estate and whether you have children.
Unmarried Partners: If you’re in a long-term relationship but not married or in a civil partnership, your partner has no automatic right to inherit under the rules of intestacy. This means your partner could be left with nothing, regardless of how long you’ve been together.
Children and Descendants: If there’s no surviving spouse or civil partner, your children inherit everything equally. If you have young children, their inheritance is usually held in trust until they reach adulthood.
Estranged Relatives: In the absence of a spouse, partner, or children, your estate may pass to distant or estranged relatives. This could mean someone you’ve had no contact with for years could inherit your estate, while those you care about most are left out.
Real-Life Implications
Consider these potential scenarios:
Unmarried Partners Are Excluded: Jane and Mark have been living together for 15 years, but they’re not married. When Mark passes away unexpectedly without a will, his estate is distributed to his adult children from a previous marriage. Jane, despite their years together, receives nothing.
Estranged Relatives Inherit: Alan is single and childless but very close to his best friend, Sarah. Alan has no will, and when he dies, his estate goes to his cousin—someone he hasn’t seen in decades—while Sarah is left out entirely.
Blended Families Miss Out: Dave remarried and has two stepchildren he treats as his own. Without a will, his estate automatically goes to his biological children, leaving his stepchildren without a share of his assets.
Why a Will is Essential
Having a will ensures that your estate is distributed according to your wishes. Here are some key benefits:
Protect Your Loved Ones: You can provide for your partner, stepchildren, or anyone else you wish to benefit, regardless of their legal relationship to you.
Avoid Family Disputes: A clear and valid will reduces the risk of conflict among your loved ones after your passing.
Plan for Minor Children: If you have young children, your will can appoint guardians and specify how their inheritance should be managed.
Minimise Unintended Consequences: You can ensure estranged or distant relatives don’t inherit if that’s not your intention.
Take Control of Your Legacy
Without a will, you lose control over what happens to your estate. The law steps in, and the outcomes may not reflect your true intentions. By writing a will, you’re protecting your loved ones, preventing unnecessary stress and disputes, and ensuring your legacy is handled the way you want.
At Peritum Wills we specialise in will writing and estate planning. Whether you need a simple will or a more complex arrangement, we’re here to guide you every step of the way. Don’t leave your estate to chance—contact us today to get started.
Information provided and any opinions expressed are for general guidance only and not personal to your circumstances, nor are they intended to provide specific advice. Please contact us for specific advice in your circumstances.
The Financial Conduct Authority does not regulate Taxation, Trust advice or Will writing.
Peritum Wills is not authorised or regulated to provide financial advice.
Tax laws are subject to change and taxation will vary depending on individual circumstances.
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