The Veitch Penny Guide to Making a Will

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The Veitch Penny Guide to Making a Will

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The consequences of not making a Will

 

Your assets will pass in accordance with the law and will not necessarily pass to those whom you consider closest to you.

  • A common law spouse cannot benefit directly from your estate;
  • If you are separated but not yet divorced, your estranged spouse could still inherit and be responsible for administering your estate;
  • If you are married with children, your spouse may not get everything;
  • If you are unmarried with children, it is possible that your partner will not receive anything, which is not likely to be desirable or in line with your wishes;
  • You will not pass on any assets to people that are not directed related to you, including step children or charities;
  • You will have no say in who looks after your children, if they are under 18, the courts may have to decide who is appointed as their guardians;
  • You cannot make gifts; many people wish to make specific gifts or leave family heirlooms to relatives or charities;
  • You have no control over what age your beneficiaries will inherit;
  • You lose out on the ability to arrange your affairs in the most tax efficient manner, which may result in more Inheritance Tax becoming payable;
  • There could be increased costs and delay in administering your estate.

 

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