I was recently put on the spot by our Managing Partner Jane Armitage at an event to name in my opinion the four main factors that should drive people to make a Will. I have to admit being slightly flustered as it is incredibly difficult to narrow it down to just four!
Wills provide certainty and in many cases clarity as to a person’s wishes but despite this over half of the adult population in the UK do not have a Will according to a recent study conducted on behalf of Will Aid. This does not of course factor in that some people who answered the question “yes” may well have done Wills but they could well be horribly out of date.
So that I do not go off track and list the many reasons to make/update your will I will stick with Jane’s original question and below are the four main pressing reasons for people to make Wills if they happen to fall in to one of the below categories.
Cohabitees
There is no such thing as a common law spouse in the world of Wills and Probate. Therefore even if you have been living together for decades your estate will not pass to one another without making a Will. Not making a Will in these circumstances may also lead to litigation between your partner and family members as sadly family members will not always do “the right thing” by your partner.
Children from Different Relationships
There are an increasing number of people who are in a couple but have children from previous relationships. The laws of Intestacy, which kick in where people do not have Wills, only make provision for blood relatives. Therefore even if a child has been brought up by somebody from a young age they will not inherit from them unless they make a Will. Similarly if a relationship is formed later in life you may bring assets into the relationship in differing amounts then pool them for instance for the purpose of buying a house. In this case a Will is the only way of these assets finding their way back to the correct family line in the correct proportions.
Children Generally
If you have young children you are generally at the stage of life where life is going at 100 miles per hour. You will also know in the back of your mind that if your children were left without one or both of their parents that the law would see to any assets that you have falling down the generations to your children. In terms of the provisions of the Intestacy Rules you would be 100% correct however what will not be covered are:-
- Executors/Trustees – These are the people that control your child’s financial future. The best people to do this may not be those who volunteer to take on the role to be the Trustees of the monies in your estate. You need someone who will be financially astute to ensure that decisions are made in the best financial interests of your children, only you will know who is best for this job.
- Testamentary Guardians – These are the people who will actually look after your children. This is a decision that you as a parent would probably want to make yourself rather than leaving things to chance. You can also avoid disputes after death where often well-meaning people will be at loggerheads in legal disputes over which person/people should be looking after your children.
Avoidance of the Intestacy Rules
I have touched upon the Intestacy Rules above. They are basically the fall-back position if somebody has not made a Will. Whilst some people are happy to leave many things to chance in life dying Intestate should not be one of them. The Intestacy Rules have been on the statute book largely since the 1920s when life was of course incredibly different. They generally make provision for people who are married/in a civil partnership or to blood relatives. In other words many people simply do not get what they want. Intestacies can also come with large legal bills. If somebody has no immediate family then who inherits can go completely out of control and estates can sometimes have tens or hundreds of beneficiaries – many of whom will have no idea who you are. Therefore if you make a will you can ensure that those who are close to you – whether it be friends, family or even charitable bodies or other groups/causes can inherit rather than distant family members.
If you would like to speak to someone regarding Wills or any other Private Client matter, please contact Andrew Steel via email or by calling 01642 356 357 or Newcastle 0191 2069620.
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