What happens if I do not make a Will? If you die without making a Will ("intestate") the law decides who inherits what. The wishes of your family and friends will not be considered as the rules of intestacy must be followed. If you have no surviving relatives it is essential that you make a Will otherwise the state will get what you leave behind and you will have forfeited any say in where your hard-earned possessions and money will go. You will lose the chance to benefit friends or charities. Many married couples assume that when they die their surviving spouse will automatically inherit everything. This belief is, quite simply, wrong. The only things that they will definitely receive are personal possessions such as car, furniture, pictures, books e.t.c. They will also receive the first £125,000.00 of your estate and a life interest in the remainder. The common misunderstanding that the spouse will get everything can cause serious hardship to the spouse left behind. Only if you have no other living relatives will your wife or husband be automatically entitled to everything. Even nephews and nieces could be legally entitled to a share in what you owned. Not leaving a Will can cause immense stress and anguish to the surviving spouse. This can be avoided if you make a proper Will. If you want your spouse to get everything you can say so. If you have children or grandchildren the only definite way of providing for them after your death is by leaving provision for them in your Will. This is essential if you have young children. Remembering other people There may be other people who have helped you whom you wish to show your gratitude to. This can only be achieved by remembering them in your Will. It could be a small amount of money ("a legacy") or, for instance, a piece of jewellery ("a bequest"). You may have a particular affinity with a charitable organisation and wish to leave them some money to carry on their objectives and aims. This can be dealt with in your Will. Think about the Following: Beneficiaries: Who do you want to benefit from your Will? Make a list of the names and addresses of all the people whom you wish to leave money or gifts. Legacies/Bequests: Make a list of the assets you have now, including e.g. house, car, savings, stocks and shares, policies, pensions, furniture, household effects, jewellery e.t.c and decide what you want to leave and to whom. Executors: Decide who you wish to appoint as Executor, that is the person who will administer the Estate after your death and ensure that your wishes are followed. You can chose up to four executors but this number is a little cumbersome and often unworkable in practice. It might, however, be sensible to choose two Executors. If you are married the other spouse is the obvious choice but often grown up children make excellent Executors. The Executor(s) can also be beneficiaries. You might chose a professional such as a solicitor to act as an Executor. Guardians: You can state the person or people you wish to be guardian(s) of minor children in the event of the death of both yourself and your spouse. The Residue: The sum remaining after payment of all of the legacies and debts is called the "residue". It is essential that you state how this sum is to be dealt with. It may be that you wish to provide for your children by the way of specific sums of money and leave everything else to your surviving spouse. However it is wise to ensure that there will be sufficient "liquid" assets to pay out the legacies as it would be totally unacceptable for the house in which your spouse lives to have to be sold to pay the Legacies! Other Matters: You can, in your Will, express a wish as to whether you wish your body to be cremated or buried after death but this expression of wish is not binding upon the Executors. |