Living & Dying Tidily
Death is something most of us would rather not think about and maybe this is why over 60% of us die without ever having made a Will.
“It is too expensive” “everything I own will go automatically to my spouse or my children” or “my assets are too insignificant”. These are common mis sold payment protection misconceptions. There are many good reasons for making an efficient well-drawn Will, a few of which are outlined below.
The only certain way to ensure that your partner inherits what you intend is by making a Will. If you die without having made a Will, the intestacy rules apply in an arbitrary pre pack administration manner, particularly if there are no children. This may lead to your spouse having to share your estate with relatives (E.g. brothers & sisters, uncles & aunts) whom you may never have intended to benefit. For example, Adam did not bother to make a Will, thinking everything would go to his wife, Eve. He left an estate of £300,000 and no children. His wife and two nasty brothers survived him. Eve is only entitled to personal effects (furniture etc) ,£200,000 and half the balance giving her a further £ 50,000. The brothers took £25,000 each.