Later life planning is something that’s hard to address and all too easy to put off. But do you know what happens if you don’t have a Will when you die?
In the event you die intestate – without a will – the government has set rules as to how all of your assets and belongings will be distributed.
If you have a small estate, everything you own will pass to your spouse or civil partner. Unfortunately, if you’re in a long-term relationship with someone you’re not married to, they won’t get a penny. Also if you are still married to someone that you’re separated from, they would still inherit everything.
If you’re not married, everything would be split equally between your children, or other relatives if you don’t have children.
If your estate is larger than £270,000, the first £270,000 will go to your spouse or civil partner, as well as half of the remainder. The other half will be split amongst your children. If you don’t have a spouse, the full amount is split between your children.
If you don’t have children, this could be split between your parents or siblings or other relatives. And if you don’t have any family, your estate passes to the Crown.
Anyone who is a friend or partner will be excluded from your will. And you also won’t be able to make use of any tax advantages or appoint your own executers or express your wishes for the guardianship of your children upon your death.
All things considered, it’s much better to have a will and to have control over how your estate is left. To make sure those you love the most inherit as you would wish, everyone over the age of 18 should have a will. And if your will is over 10 years old, or you’ve recently got married, you’ll need a new one.
Contact your Genistar representative or Genistar’s head office for more information today.
For more about wills, see the following articles: