Do you want to ensure your assets pass in accordance with your wishes?
Make a Will now.
Over 50% of UK adults have not made a Will.
If you do not have a Will in place, your assets will pass under the intestacy rules which will not necessarily be what you would want. The intestacy rules set out who will benefit from a person’s estate on death if they have not made a Will.
Some people make a home-made Will without advice from professionals.
There are strict rules as to how a Will must be executed for them to be valid. Very often these Wills are not executed in accordance with the Wills Act and would not be valid. A home-made Will may set out what is to happen to specific assets but not the remaining assets in the estate. This would create a partial intestacy and those assets would pass under the intestacy rules.
You should review your Will regularly, particularly when circumstances change.
It is particularly important for cohabitees to have a Will in place as cohabitees currently have no rights under the intestacy rules. This often causes protracted and expensive litigation where the cohabitee makes a claim under the Inheritance (Provision for Family and Dependants) Act 1975 for financial provision from the estate.
If you do not have a Will in place and would like to complete one or your current Will needs updating, contact Julie Binge.