For the majority of us the answer is no. More than half of the adult population has no Will. So what? How does it affect me? Why should I be bothered? There’s a fair chance that it won’t affect you at all, but it could have major consequences for those you leave behind. There are situations where having a Will is not only a sensible step to take, but essential for the long-term protection of your family. And chance is not something we want when it comes to inheritance.

First of all, let’s have a look at the type of person who doesn’t really need a Will. Typically, that person will be young and single, with no children / dependents, and maybe living at home with parents. They are unlikely to have much in the way of personal possessions and although they might have a bank account with a little bit in it, they won’t have a large amount of savings or be a property owner. So, what happens if that person dies in an accident or as a result of illness? (And let’s face it, Covid has given most people a reality check.) Well, whatever they own, their “estate”, is divided according to a set of laws known as the Intestacy Rules (Intestacy means there is no Will). It doesn’t matter how much money or value there is in the estate, it goes to the people the law says should get it (those people are known as beneficiaries). In our example here of a single person with no children living at home with parents, then it would all go to the parents, and if only one parent was still alive, then everything would go to him or her. All very straightforward.

Well, that’s a start, but things can get a lot more complicated. If you own property or have savings or investments you should consider what happens to them if something happens to you. And if you’re living together in what some people call a “common-law” relationship, you really need to consider what provision you can make for your partner, because although married partners can inherit from each other, partners in a “common-law” relationship (known as “co-habitees”) can’t. That bears repeating because many people are unaware of it – if you’re a co-habitee, the Intestacy Rules do not permit you to inherit from your partner or vice-versa. That can be a disaster for the surviving partner who is basically left with nothing. The way to avoid these situations ever arising is to get a Will setting out your wishes. A properly signed and witnessed Will can solve a lot of problems and avoid undue distress for your loved ones at what is a very stressful time.

If you or your partner have children it’s even more important to make sure your affairs are in order. What happens if one or both of you have children from previous relationships? How can you make sure that your children inherit something after you? Don’t leave it to chance by relying on the Intestacy Rules, as you might not get the result you want. You need to have a Will to make sure your wishes are carried out. By way of example here, imagine a married couple with no Wills who each have a child from a previous relationship, but have no children together. They have a modest estate of £150,000. The husband dies unexpectedly. The surviving wife inherits everything under the Intestacy Rules. Ok so far you might think, but when the wife dies intestate the entire estate passes to her child, and the husband’s child gets nothing. Is this what the husband would have wanted? No, of course not, but this is the unfortunate and unintended result of intestacy. If the husband had made a Will leaving half of his estate to the wife and half to his child, the situation could easily have been avoided.

There’s another very good reason to get a Will if your children are under 18 – you can nominate someone you trust to look after them in your Will. This is known as appointing a guardian or guardians. If you don’t appoint a guardian there is a risk that Social Services and the Courts may have to be involved to decide where your children are going to live and who is to look after them until they reach 18. You can’t just assume that your family will look after them – there has to be certainty. You should also consider some life insurance to provide a pot of money for your guardians to bring up your children – it’s an expensive business!

Married couples with no children will inherit everything from each other if there’s no Will. On the other hand, if there are children, the surviving partner gets a share of the estate under the Intestacy Rules (in some cases all of the estate – it depends on the value) and the children also get a share. You may prefer that your surviving partner gets everything. If so, you should get a Will to ensure this happens. At the time of writing, the surviving spouse/civil partner is entitled to a “statutory legacy” of £270,000 (search statutory legacy on www.gov.uk for more details).

The bottom line here is looking after your family and trying to provide as much certainty as possible. You can’t cover every situation life throws at you, but having a Will provides clarity, ensures that your wishes are respected and gives you the satisfaction and peace of mind of knowing that you’ve done the right thing by your family.

How do you get a Will? Well, you can do it yourself (not recommended), use a solicitor (can be pricey), some charities offer free Wills (but you’re expected to leave them something), or there are plenty of Will-writing companies out there. At present the law does not allow you to make a Will online (although it can be prepared online it has to be printed and physically signed before witnesses). If you find this article interesting and would like some further information or to make an enquiry, please get in touch