Dying without a Will
Back to NewsSo, what happens if you die without a Will?
You may heard of the recent death of Prince, in which it was reported that he died without a Will. Under US law this means that his estate will be split between his siblings. But is this what he actually wanted?
Under the law of England and Wales, also known as the rules of intestacy, Prince’s estate would have been split in a similar way.
“we should all make a will”
It is estimated that approximately 70% of the population don’t have a Will. A Will is often something that is put off as people believe that have more time, but unfortunately that is not the way of the world.
We should all make a Will. Not doings so will mean someone you may not have wanted to benefit from your estate does and the legal issues of what happens when someone dies without a Will can be expensive financially and emotionally. If you are unmarried then your partner will not benefit unless you have made a Will.
“If you are unmarried then your partner will not benefit unless you have made a will”
You can only decide how your assets are divided if you have a Will. A Will also allows you to decide who will administer and carry out your wishes, whether it be funeral arrangements, providing for children or saving inheritance.
Making a Will can reduce disputes as a Will can set out exactly what happens to not only your capital but also your possessions. This will save a lot of time, money and heartache as dealing with disputes can escalate quickly when there are no clear instructions in a Will.
“You can only decide how your assets are divided if you have a will”
It is advised that you regular review and if necessary update your Will so that if incorporates any changes to inheritance tax or increases in your assets.
For more information and advice then please contact Charlotte on 01902 429 051 or email cr@rnwilliams.com.
