I was alarmed this morning to read just how many people in the
UK do not have a Last Will and Testament. Estimates on the total
percentage of the population without a Will range from 57% to 75%,
with the Telegraph suggesting that up to 88% of people in
their twenties have not made these grim but necessary provisions.
Whichever set of statistics is to be believed, it is clear that far
too many people do not have a Will, and could be storing up
problems for their loved ones when they die.
The main reason for people opting not to make a Last Will and
Testament appears to be the mistaken belief that everything will go
to their partner. When people die without a Will, their estate is
distributed according to a set of legal rules called the 'Rules of
Intestacy'. These rules are not open to challenge and they do not
recognise the rights of unmarried partners to inherit, and your
estate will be divided amongst your closest blood relatives. Even
worse, if you have no living children, parents, grandparents or
siblings then the money you had intended for your partner will be
claimed by the treasury as property of the Crown.
Many people have forgotten that in many
cases the most important purpose of a will is to appoint legal
guardians to care for their children.
Another common belief is that unless you have a large amount of
property or money, a Will is not useful or worthwhile, but this is
wrong and even small estates can be difficult to administer where
there is not a Will. If the value of an estate is over £5,000 then
banks or building societies will not release any money without
permission having first been obtained from the courts in the form
of a Grant of Representation. Where there is a Will, this
permission may only be obtained by the named executors and can be a
relatively simple process. However, if there is no Will then anyone
who is a relative of the deceased or has a close personal
connection is eligible to apply, and at this stage things can get
ugly particularly where relatives have fallen out or bear a grudge
against each other.
The study undertaken by the Telegraph also reveals that
many people - who believe their estate is insufficiently valuable
to merit obtaining a Will - have forgotten that in many cases the
most important purpose of a will is to appoint legal guardians to
care for their children. 65% of people with children under 18 have
no Will, and in the event of their deaths it would fall upon the
courts and social services to step in and decide what should happen
to their children.
Making a Last Will and Testament need not be a complicated
affair, and nowadays there are a number of quick and convenient
options available in addition to the traditional route of visiting
a solicitor. Click here for more information
about making a Will, and to find an
advisor who specialises in this field.
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a solicitor
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