Why do I need a will?

This is one of the first questions that I get asked, why do I need a will? There are many answers to this question depending on people’s circumstances but in the interest of speed I have dealt with three of the most common below:

1. To make distributing your estate easier for your family on your death. With no will in place someone will have to apply to be the ‘administrator’ of the estate – sounds simple enough. However, who is going to be the someone? Normally this must be the next of kin (unmarried partners need not apply). Separated husbands/wives/civil partners can still apply! They then need to apply for the Letter of Administration which involves a postal application form and an interview with the Probate Registry.
2. You do not want your estate to be left as per the ‘laws of intestacy.’ Most do not know how the laws of intestacy work so I have listed them below, this is how your estate is shared out if you were to die without a will.
   1. Husband/Wife/Civil partner inherits first £250,000 outright plus an absolute interest in 50% of the remainder. Surviving children or grandchildren inherit the remainder.
   2. If no surviving spouse estate passes to children or grandchildren
   3. If no surviving spouse, children or grandchildren, passes to deceased parents.
   4. If no surviving spouse, children, grandchildren or parents, passes to surviving siblings (or deceased siblings surviving offspring).
   5. The next levels are:
      1. Half brothers and sisters
      2. Grandparents
      3. Aunts and Uncles
      4. Half Aunts and Uncles
3. You have minor children, without a will listing a guardianship should both parents die then surviving children will be put into foster care until the social care system allocates a carer for them, this is normally done through the courts. A guardianship within a will is a simple clause which makes a legally binding request as to who will look after your children.

Please note that this is all specific to England and Wales.

If you have any questions either pop me a call or an email.

Thanks
Katherine