Intestacy is not a dirty word… but should be avoided
Drawing up your will features high on the list of things you might wish to postpone to a later date along with going to the dentist. However, it is usually not as painful as a visit to the dentist and is probably the best gift in itself that you could leave your loved ones.
Some 30 million people in the UK do not have a will and (although not everyone needs a will) in many situations, having one can not only help to reduce the tax payable, but can also make life easier for your dependants.
Many people believe that they can die without a will (i.e. intestate) and the intestacy rules will take care of what you would have put in your will, in any case. A common misconception is that if you are married with children, all of your assets will go to your spouse. However, if your estate is over £250,000 your spouse will only get the first £250,000. The remaining estate will be divided into two and your spouse will get a life interest in half of this and the remainder will go to the children on statutory trusts. The surviving spouse will not be able to get rid of the life interest or spend it but is entitled to the income from the life interest. This may not be the result you intended and could easily be avoided by drawing up a will. Similarly, it may not be what you intended when your assets are less than £250,000 and your children get nothing!
With many people not getting married at all, you may find that you unintentionally miss out your other half completely as it is only spouses and civil partners that inherit under the intestacy rules.
If you are separated but not divorced, now is the time that intestacy should be avoided and when it can become a dirty word! Your ex-partner could inherit the first £250,000 of your estate!
There are many famous people who have died without making a will including Barry White and Bob Marley. As Tom Jones might croon ‘You don’t have to be rich to write a will…you just need some… good advice’.
Writing a will is simpler than you think and if drawn up professionally it should put your mind at rest that your assets are going where you intended them to go.
So do not put it off – contact us at Barnes Roffe and we can help you draw up a will based on your particular financial and personal circumstances.Talk to Barnes Roffe today