64% of Britons have failed to make a will – what could this mean for surviving family and friends?
Research released recently has disclosed that only 36% of Britons have made a will. Not surprisingly 83% are uncomfortable discussing their dying wishes, however many people do not realise what happens upon death of a person in the absence of a will.
Law Society president Nicholas Fluck commented:
“It is extremely concerning that a significant number of people have not written a will and made their final wishes clear. It is understandable that most of us are uncomfortable discussing our dying wishes, especially younger people, but you have nothing to lose and your loved ones can have everything to gain if you ensure your affairs are in order.”
When a person dies without a will they are known as dying intestate. If you watch the hit BBC show “Heir Hunters” you will know that there are strict rules as to who inherits when someone dies intestate. The rules govern which family members have priority in receiving the estate and if there are no family members (or none can be traced) then the estate will go to the crown.
Unfortunately the rules do not allow for any unmarried partners/friends or favourite charities to receive anything from the deceased’s estate which may cause unnecessary stress and suffering.
A correctly drafted will by professionals will ensure that your wishes are clear and your estate will be distributed as you see fit whilst complying with the legal obligations and with consideration given to both tax and family issues.
We would recommend that it is worth either making a will or revising a will in the event of any major family event (births, deaths, marriage, divorce etc) and when buying property; if you jointly own property, how you legally hold it may impact who inherits it upon your death.
For a free no obligation consultation on a Will, please contact Monika Volsing on 0113 320 5000.
