HarmonyWhy make a will?
| It's your money, you decide |
With two thirds of Britons yet to make a will it is clear that no one likes to talk about death, especially their own. But writing a will while your still alive can prevent great hardship and difficulties for your grieving loved ones. Writing a will gives you the chance to direct the assets you have worked hard to acquire over your lifetime to those who deserve them most as well as allowing you to appoint guardians to influence your children's upbringing.
If you die without a will you are said to die intestate. As such, the distribution of your assets and personal effects will be decided by the state defined by the laws of Intestacy. Many wrongly assume that this means that on their death, all their assets will automatically pass to their spouse. In fact this is not the case, and the effect of the law could mean your partner receives less, or money goes to other family who don't need it.
In England and Wales, if you are married and have children, your spouse or civil partner can inherit a maximum of £250,000 not including your house or personal belongings. The remainder is split in two. One half is placed in a trust allowing the surviving spouse to draw interest for their lifetime. The other half is held in trust until your children turn 18 at which point it is distributed to them.
However if you have no children your spouse or civil partner is entitled to the first £400,000 of assets, and 50% of the remainder. The rest could end up with parents, brothers, sisters or other relatives.
In addition passing away without a will can cause extra distress for your grieving spouse. Without a will you have no executor for your estate. Which means assets such as bank accounts will be frozen until your spouse applies for a grant of letters of administration.
If you aren't married or in a registered civil partnership, you have no automatic rights to share your partners estate without a will. Or if your marriage or civil partnership has broken down, under a previous will or under the laws of intestate, your surviving civil partner or spouse may inherit your estate which may be inconsistent with your wishes.
It is clear that making a will is an important step to ensure your estate is dealt with easily by those left behind and to make sure that it goes to those who you want to benefit most. So follow our simple step by step instruction and make your will online today.
