Intestacy - Why it may not work for you

Although most people look to organise their affairs with a Will, some still believe that the rules of intestacy (where there is no Will) will be sufficient for their family in the event of their death. “It will all go to my partner, and if not then my children?” Even if this were the case, there are dozens of issues that may arise from not having a Will in place. Imagine you are married, but have no children. Both you and your spouse tragically die in an accident together. Depending upon how you and your spouse own your assets, those assets may pass automatically to your spouse’s estate, and their surviving family may inherit it all. Your family may lose out, and your wishes may not be effected. You may believe that your families “have an understanding,” and that if it did come to it, they would be amicable and share out your assets where needed. However, contested probates are reaching all-time highs, particularly with more complex family structures becoming commonplace. At Leeds Day we can give you advice on mitigating against the chance of issues arising in the event of your death. Provision for children can be the most problematic area where there is no valid Will. Maybe you have divorced the other parent of your minor children – in the event of your death your former spouse may then be responsible for holding your children’s inheritance until they reach 18? You also need to consider whether your children will be fiscally responsible enough to receive their inheritance by the age of 18. Some teenagers may be but others may not. By appointing responsible Trustees under your Will, you can manage how your children will receive their entitlement, and who will be responsible for ensuring that it is used sensibly. The problems above are just two examples of what can arise from not having a Will. Please do not leave your estate in the hands of legislation drafted almost 100 years ago, and look to organise your estate for the future. Some people can find taking the first few steps to arrange what will happen when they die quite daunting, but you need only consider a few simple points (we can help you talk through the rest); • Who would you want to deal with your estate (an Executor)? • Who would you trust to be a guardian to your children? • Who would you want to inherit, and who would replace them if they had passed away? We offer a personal, friendly and sympathetic approach, to assist you in planning and managing your affairs most effectively in a wide range of situations. If you need any advice in relation to any will, estate planning or bereavement matter then please contact Leeds Day on 0844 567 2222 or email wills@leedsday.co.uk.

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