Consequences of Not Making a Will

Consequences of Not Making a Will

Most people know it is important to make a Will - but just what are the consequences for not having a valid Will in place at your time of death?

You can’t control where your assets go

Your estate will be divided amongst your relatives in accordance with the rules of intestacy, which could result in a large percentage going to the government.

You may not have control of who looks after your children

To have control over who are the guardians for your children aged under 18 you need to make a Will, the courts may have to decide who is appointed as their guardians. If you have children from a previous marriage, a Will is an important tool to ensure that they receive the proportion of your estate that you intend for them to have.

Consequences of Not Making a WillYou can’t specify gifts

Without a will explaining how where you wish to leave your estate, it will be administered in line with the laws of intestacy which do not provide for specific gifts. For example, passing a treasured family possession to someone or leaving a percentage of your estate to a charity.

Even if you are married, your partner may not get everything

If you are married with children, your spouse will receive the first £250,000 of your estate, plus 50% of the remaining capital and a right to an income, but not the capital, from the remaining half.

And if you are unmarried with children

Your partner may not receive anything, which in many cases is not likely to be desirable or in line with your wishes.

More inheritance tax may be payable

By not making a Will you lose out on the ability to arrange your affairs in the most tax efficient manner, which may result in more Inheritance Tax becoming payable.

 

Go back

Go to Legacies & Wills home page