In a survey conducted by Research Without Barriers in 2023 startling statistics have revealed that over 50% of UK adults do not have a Will in place. Many respondents disclosed that they feel their belongings aren’t significant enough to warrant one, whilst others believe they are not ‘old’ enough to make a Will.
These findings shed light on a critical issue that many individuals tend to overlook – the importance of actually having a Will.
Many people underestimate the importance of having a Will, however, relying on the rules of intestacy can lead to unexpected outcomes and unnecessary stress for those left behind.
When a person passes away without a valid Will they are considered to have died intestate and their estate is subject to the rules of intestacy. In essence, this means that the law will dictate how their assets are distributed, often in a predetermined manner that may not align with their wishes or the best interests of their family members.
Under the rules of intestacy, the distribution of assets typically follows a rigid structure whereby only spouses or civil partners, children, and some close relatives can inherit. However, the rules fail to account for individual circumstances, such as unmarried partners, stepchildren, or charitable intentions.
Furthermore, the process of intestacy can often lead to delays, disputes and added stress for grieving families at an already difficult time. By having a valid Will in place, you can assure that your assets are distributed according to your wishes, minimise potential conflicts among beneficiaries and provide clear guidance for your loved ones.
Making a Will is not just about distributing your assets, it is also an opportunity to express your desires regarding guardianship for minor children, funeral arrangements, and even charitable donations. It allows you to leave a lasting legacy that reflects your values and priorities.
If you would like to discuss making a Will with the Private Wealth team at Rothley Law, please contact us on 0330 016 9200 or email us at PWnewenquiries@rothleylaw.com