Dying without a Will means your estate will be handled under intestacy laws, which dictate who inherits what.
After the last budget changes to pensions and Inheritance, you should at least do a quick and cheap online Will. Although you must remember that even a simple online Will must be printed and signed properly before it is valid. The law requires a Last Will and Testament to be on a piece of paper, and signed in the presence of two witnesses (Remember – witnesses cant be beneficiaries).
Here’s what could happen if you don’t have a valid Will:
- Spouse/Civil Partner: Inherits the first £322,000 and half of the remainder if you have children.
- Children: If no spouse, the estate is divided equally among children.
- Parents & Siblings: If no spouse or children, assets go to parents, then siblings.
- Unmarried Partners & Friends: Get nothing under intestacy laws.
Speak to your adviser to find out how to best protect your assets.