Without a Will
- There is no guarantee that your intended beneficiaries will receive your assets.
- Your spouse or civil partner is not entitled to inherit your Estate by default.
- Unmarried partners may not be entitled to any of your assets.
- Your minor children may be placed in care until Guardians are appointed.
- Your beneficiaries may face prolonged delays and potential disputes.
- You are unable to prevent certain family members from inheriting your assets.
- You cannot bequeath anything to friends, colleagues, or charities outside the Intestacy Rules.
If you don’t have a Will
For those people who have died Intestate, the government has written a standard Will, which will almost certainly contradict what their wishes would have been.
To my family: I regretfully leave you with several months or even years of financial difficulty and expenses as you go through the unnecessary trouble of sorting out my affairs.
To my Spouse/Partner: I leave you a portion, although not necessarily all, of my assets.
To my Children: I leave you the remainder of my Estate and grant you the power to sell any part of it, including the family home, to claim your inheritance.
To Social Services: If my children become orphans, I appoint you as their guardians and entrust you with the authority to select their caretakers, which may include foster parents.
To the Tax Man: I relinquish all the taxes I could have avoided and instead bequeath them to you instead of my family.
To my Bank and/or Solicitor: I grant you permission to charge any fee you deem necessary to settle the chaos that I have left behind. I understand that this may make you one of the primary beneficiaries of my Estate.
To everyone else: I leave nothing to you!
The absence of a Will can cause problems, heartbreak, financial hardship, and unnecessary expense for your family at the very worst possible time.
Without the appropriate Business Succession strategies:
- Your spouse/partner and children may not be entitled to inherit your portion of a business.
- Business partners may not have the option to purchase the deceased’s share.
- The surviving spouse or children may be required to manage the business.
- The value of the business may decrease due to the lack of experience of the beneficiary.
- The business may need to be sold, and the proceeds may become subject to Inheritance Tax.
