What happens if you don’t make a will?
Dying without a valid will (dying intestate) means your estate is distributed according to the law of intestacy. This can lead to several disadvantages, as your personal wishes are not considered, and key decisions are made for you. Graduate solicitor apprentice in the wills and estates team, Jamie Jaskolka, takes you through the disadvantages of dying without a will.
What are the rules of intestacy?
The rules of intestacy in England and Wales are a set of laws that determine how a person’s estate is distributed if they die without a valid will.
Key disadvantages of dying intestate:
- Executors and guardians are chosen for you
Without a will, you cannot choose who will be your executors, the people responsible for the administration of your estate, nor can you choose the guardians for any minor children. Instead, these roles are assigned by the law of intestacy or a court, which may not align with your wishes. - Intestacy rules may not reflect your wishes
The law of intestacy is rigid and may not distribute your estate as you would have wanted. For example, unmarried partners, stepchildren, and close friends do not inherit under these rules. - Potential for disputes
Intestacy can be varied by a Deed of Variation, but only if the beneficiaries agree. This can lead to disputes and delays in distributing your estate. If someone financially dependent on you is excluded under intestacy, they may have to make a claim for an inheritance under the Inheritance (Provision for Family and Dependants) Act 1975. This can be a lengthy and costly process. - More expensive and time consuming
Applying for probate can be a long process. Where someone dies without a will, probate applications typically take longer and there may be additional legal costs incurred due to complications. - No opportunity to mitigate inheritance tax
Everyone wants to ensure that their estate passes with as little inheritance tax liability as possible. Wills are an effective way of planning for any potential inheritance tax liabilities on your estate. Without a will in place, you automatically miss this opportunity.
Why make a will?
By making a will, you retain control over who inherits your estate and who manages it. It streamlines the process and avoids delays by way of disputes or claims on your estate.
For more information on will trusts and other will writing services, get in touch with a member of our wills and estates team on 033 3344 9609 or email [email protected].
Author: Jamie Jaskolka, wills and estates.
