If You Don't Leave a Will,
                                       You Won't Have A Say....

For your loved ones, your passing will be difficult enough without also having the threat of being made homeless, and potentially penniless aswell, if your Estate passes to your third cousin twice removed. For your dependants, sorting out the mess will cost thousands in legal fees, take months to resolve, and cause lasting misery - and the process is worse still if the various interested parties don't get on. Furthermore, with no recourse to a legally nominated Guardian, your children could be taken into care, even temporarily, whilst the Courts decide who'd be best to raise them until they reach the age of 18.

Below we list some compelling reasons to write a Will, and tackle some misconceptions...

1. Distribution:  OR  i) "If I die tomorrow without a Will, it doesn't matter, because it'll go to my wife and kids anyway, right?" The answer is yes, but the actual outcome of distribution under our antiquated laws of intestacy are for many very sobering. On an estate worth £475,000, the remaining spouse is only entitled outright to the first £125,000 plus all 'chattels'. The rest of the estate is divided into two equal parts. The children share one half between themselves, being £175,000 in our example, and the other £175,000 will be held on trust, ultimately for the children to take possession of, but in the lifetime of the surviving spouse she/he is entitled to the income (not the capital) that the trust generates. Such an outcome can have devastating effects, and often sadly means that the matrimonial home has to be sold. Also, as you might expect, the standard of living enjoyed by the remaining spouse would be highly compromised. If they have children, only by writing a Will can a married couple ensure that they have provided adequately for each other in the first instance.

                                     ii) "We haven't got any kids, so if I die without a Will my wife'll get the lot anyway, yes?..." Actually, no, she might not! And she may be left homeless! If the estate is worth more than £200,000, the remaining spouse (or Civil Partner) is entitled to the first £200,000, plus half of the rest. The other half is taken by any living parents, or in their absence by any living brothers and sisters. So for an estate worth £400,000, the spouse or civil partner would receive £300,000 and £100,000 would pass to surviving parents/siblings. If the deceased had sole ownership of their home, in which the vast majority of the estate rested, then it is quite conceivable that the remaining spouse/civil partner could be made homeless so the estate could be distributed.

                                 

2. Unmarried Couples: "...Surely having lived together for 12 years and raised 2 children counts for something? She's my 'common-law' wife, after all...so she'll get my wordly goods, won't she?" No. In fact, as the law stands she's not entitled to a penny. The whole of the estate would go to your children in equal shares, including any children you may have from a previous relationship. If you had no children, your estate would pass to your parents. To receive anything from an unmarried partners estate, it is necessary to go through the courts, lodging a claim under the 'Inheritance (Provision for Family and Dependants) Act 1975. This is a costly process, emotionally as well as financially, with no guarantees of success. Each claim is considered on its own merits and circumstances. The law offers no or scant protection for unmarried couples. Having  a valid Will is absolutely essential to ensure financial provision for an unmarried partner - and to avoid the likely misery of enforced debt and of being made homeless... 

3. Children:  No parent wants to contemplate the thought that their children will ever be taken into care, whatever the circumstances. But if parents fail to nominate a Guardian in a Will, and die before the children reach 18 years of age, the State must protect the interests of the child and will arrange for their care. The Courts will examine possible support for the child or children from their wider family, and take many months considering reports from Social Services. It is quite likely that the children will languish in Local Authority Care until this legal process has been exhausted. And the person or family eventually selected by the Court may NOT have been those the parents would have chosen themselves. Aside from having the ability to make practical provision for your child's future in the event of your early death, appointing Guardians for your child in a Will could also save them suffering the additional stress of being taken into care whilst the Courts determine their fate.... 

So without leaving a Will you are leaving your loved ones a Legacy of sorts - but a very damaging one.

CONTACT US TODAY to put your wishes in place!

                           

Our Address: 549 Green Lanes, Palmers Green, London, N13 4DR

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