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.