15 Reasons to Make A Will
Published / Last Updated on 20/06/2024
It is widely reported that around 55% of the UK population has not made a Will. This is not an official statistic as the Office for National Statistics does not record how many people have made a Will. HMRC does however keeps some records of the number of people who have died ‘intestate’ i.e. death without a will and it broadly between 50-55% of estates do not have a valid will.
1. Death Without a Will – Intestacy Laws take over
2. Single (with children) – your children inherit 100% of your estate.
3. Single (no children)
Loved ones automatically inherit your estate in priority order if they are alive as follows:
- 100% to Parents if alive, it not
- 100% to Brothers and Sisters else
- 100% to Half Brothers and Half Sisters else
- 100% to Grandparents else
- 100% to Uncles and Aunts else
- 100% to Half Uncles and Half Aunts else
- 100% to The Crown (do you really want to Crown to inherit your wealth?)
4. Married or Civil Partnership (no children)
- Your spouse inherits 100% of your estate
5. Married or Civil Partnership (with children)
- In England and Wales your spouse inherits your personal possessions and property plus first £322,000 of your estate.
- 50% of the excess over £322,000 is held in trust for children.
- 50% of the excess over £322,00 is inherited by spouse.
- Limits and Rules Differ in Scotland and Northern Ireland.
6. Co-Habiting but Not Married
There is no protection for your partner. They have no automatic rights or claim on your estate and may end up with nothing.
See: No Will & Not Married and No Will Married, Children
Make sure your wealth goes to exactly who you would like to inherit and also if you would like someone to be excluded from your estate by making a Will.
7. Administration of Estate Much Harder
8. If you have not made a Will then you have not appointed anyone to be executors and trustees of your estate. This makes things more difficult for your loved ones.
9. If you have no executors and no loved ones, then the Courts will appoint some one to look after your affairs. Do you really want this?
10. If you have not made a Will and you have children, the Courts will decide who looks after your children as guardians. Do you really want to put your children through this?
11. If you have no Will, you may not have made it known what funeral arrangements are required. This makes things more difficult for your loved ones.
12. If you have no Will, your money may not go to the people or organisations that you want it to.
13. Dealing with HMRC on income taxes and inheritance tax forms and payment can be more difficult.
14. Dealings with Probate can take longer as you do not apply for Probate, but you apply for Letters of Administration.
15. Dealing with pension benefits may take longer if you have not made a Will as the Pension Scheme Trustees must decide who inherits your pension fund on death. A Will acts as a good guide for Pension Trustees.
You have a responsibility (and it is the sensible thing to do) to make a Will.
See Our Fees for Wills: Wills & Probate
Other useful links: Contact Call Back Calculators Our Fees
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