As Rachael, founder of Heir Tight Wills, likes to say “If you don’t have a Will don’t worry, the Government has one for you!”

The question is, do you want the government to make all the decisions about how your assets are distributed and who are the right people to carry out your wishes? Or would you rather do that for yourself?

1. You decide who inherits your assets

When a person dies without a valid Will they are deemed to have died ‘intestate’. This means the Government’s ‘Rules of Intestacy’ will be applied to their assets.

Unfortunately, these rules are completely inflexible and don’t take any individual family circumstances into account. As an example, if you are married with children your surviving spouse may be forced to sell the family home to provide your inheritance to your children.

Your children may also inherit substantial sums of money at the age of 18 with no protections or limits on how they may use it.

As if the above weren’t already bad enough, this process often introduces additional delays meaning that family members could be left struggling further while the administration of your estate is processed.

2. You get to choose your Executors and Trustees

Executors are the people responsible for administering your estate after your death and putting it through probate. They arrange your funeral, ensure your estate is correctly valued for tax purposes, pay any debts on your behalf and they have the authority to manage your assets in accordance with the terms of your Will.

Trustees are appointed to manage any assets put ‘into Trust’ for a beneficiary to receive later. For children younger than 18 who are named as beneficiaries, the Trustees would become the legal owner of the assets passed to them, until they come of age.

If you die without naming Executors and (if appropriate) Trustees, then the relevant family member must apply to the court for a ‘Grant of Letters of Administration with the Will’. Who can apply is determined by law, with priority being given to the same next of kin in the same order as the Rules of Intestacy. If you are an unmarried partner and have not been named as an Executor, you will usually not be able to apply.

3. You appoint the Guardians for your young children.

If you were to die while your children are still young, your Will sets out who can act as Guardian to take care of them. Without a Will specifying a Guardian, normally only birth or adoptive parents of a child will automatically have parental responsibility.

If both parents die without a Guardian being appointed, any surviving children will become ‘Wards of the Court’ and will be taken into care until the Court can appoint a Guardian.

To avoid this added emotional distress for your children and to allow you to make the best decision about their continuing care, it is strongly recommended that you appoint a Guardian or Guardians in your Will.

You should consider carefully who would be willing and able to take on the responsibility. Where they live, their age and their lifestyle will all be important factors to consider. You should also leave robust guidance on how you would wish for them to raise your child in the form of a Letter of Wishes.

4. Avoid unnecessary liability to inheritance tax

You may not be surprised to learn that the Government’s ‘Rules of Intestacy’ aren’t designed to minimise inheritance tax! To make the most of your allowances, either as a single person or as a married couple, it is highly likely you will need to put a Will in place. 

There are a number of allowances and exemptions that apply in different situations. Where business assets are involved and for more complex families, a specialist estate planner can give you clear advice on how to minimise your tax exposure. This ensures your loved ones gain the most benefit from everything you’ve worked towards.

5. Give your family and yourself peace of mind

In short, making a Will means you get to determine who benefits from your estate after your death and how any surviving young children will be cared and provided for. Without a Will, these decisions will be made according to the relevant legal frameworks. These are inflexible and may bear no relation to your wishes at all.

A valid Will lessens the potential for family conflict and provides the quickest route for Probate and Estate Administration. This, in turn, reduces the risk of your family being left without adequate financial support after your death.

To ensure the peace of mind has a lasting effect, you must also review your Will regularly to ensure it is up to date. Carrying out a review every 3-5 years is recommended. Additionally, your Will should be reviewed whenever there are any significant changes in your circumstances or wishes (for example, if you or a beneficiary marries, becomes divorced or starts a new, unmarried partnership.)

How can I get started with making a Will?

At Heir Tight Wills we can ensure you have a robust Will in place that is fully tailored to your specific circumstances. Complete our short estate planning assessment and someone from our team will be in touch.