According to recent figures, 68 per cent of adults in the UK do not have a Will.
The figures come from a recent study by Remember a Charity, finding that 30 per cent of people believe that creating a Will is time-consuming, and 43 per cent of people think that the process is too complicated.
The research also indicates that those who do have a Will are not keeping it up-to-date when their circumstances change.
Having a Will in place is vitally important, and ensuring that it is updated when you have a change in circumstances, such as the birth of a child or getting married, ensures that your wishes can be properly adhered to.
If an individual dies without a Will in England and Wales, then their assets are distributed in accordance with Intestacy Rules, which could have unwanted consequences for your loved ones.
The rules mean that only spouses or civil partners will inherit automatically, while if you are married or in a civil partnership but have no children or descendants, then the entire estate will be passed to the surviving partner.
This means that if you wish to pass any of your estate on to a more distant relative, or an individual that is not a relative, that your wishes may not be followed without a Will.
If an individual passes and they have no Will, and their estate is worth in excess of £250,000, then the first £250,000 will be inherited by the spouse/civil partner, with any remaining estate being divided between the surviving spouse and surviving children.
If a person is not married or in a civil partnership, then it can become a complicated matter, while if an individual has no surviving relatives, their entire estate could be taken by the Government’s ‘Bona Vacantia’ (vacant goods) department.
It’s important to seek professional legal advice when creating a Will to avoid any costly mistakes and unnecessary complications for your family in the event of your death.
For advice on matters relating to Wills, contact our expert team today.