Still no Will?
Not made a Will yet?
If you haven’t made a Will yet, you are leaving the distribution of your estate after your death to be dealt with by legislation that is 100 years old this year.
If you consider how much life has changed in the last 100 years, it might seem strange that legislation from shortly after the end of the First World War still dictates who should inherit on your death.
The rules make no allowances for co-habiting partners and only recognises spouses or civil partners.
In the case of Liam Payne, who died last year, the monies earned from his extremely successful singing career will pass to his son when he reaches the age of 18. No other members of Liam’s family, or any of his friends that he might have wished to benefit, can receive anything from his estate.
If Liam had made a Will, he could have directed who was to look after the funds for his son and set out when he wanted him to receive the money. He could also have given directions about how he would like the funds to be managed by the Trustees holding it until his son received it. Some may feel that putting millions of pounds in the hands of an 18 year old might not be in their longer term best interests.
If you are unmarried and have children, would you want to ensure that your partner received part of your estate so that they could look after both themselves and your children? The only way to do this under the current rules is to make a Will.
If you would like more information on what the Intestacy Rules mean for you if you don’t have a Will, we’d be happy to have a chat with you. Call Cath Collins on 01945 898090 or email at This email address is being protected from spambots. You need JavaScript enabled to view it.
