Will apathy risks family losing their inheritance
TWO-THIRDS of adults have not made enough provision for their legacy to be left to whom they choose, according to a wills and probate specialist.
Research from the Co-operative Legal Services (CLS) also found one in four over-65s are still to make a will.
These individuals risk losing control of their estate and their final wishes for savings, assets and investments not being met.
These findings come as the rules of intestacy, which decree what happens to a person’s estate if they die with no valid will in place, today change for the first time since 1925.
It’s pleasing that rule changes have simplified matters but if a person dies without a valid will in place, they still have no control over what happens to their estate
Experts say the new rules should simplify how an estate is distributed in the event someone dies without having the right paperwork in place but they also serve as a timely reminder of the importance of drawing up and maintaining a will.
The key differences include changes for couples who are married or in a civil partnership. They will now inherit the entire estate if a partner dies without a will and they have no children or other descendants.
However, this change does not apply to unmarried couples who will not automatically have rights to an estate if a partner dies without a will.
Other moves include changes to the inheritance of an estate for married couples of civil partners with children and protection for children adopted after the death of a parent. Under old rules there was a risk children in this situation would lose their inheritance but under the new rules, a child of the deceased can inherit on intestacy even if they’re subsequently adopted.
“It’s pleasing that rule changes have simplified matters but if a person dies without a valid will in place, they still have no control over what happens to their estate,” warns James Antoniou, head of wills for the CLS.
“To ensure your estate goes to those you want, it’s crucial you have a will.” Andrew Caplen of the Law Society agrees that the rule changes serve as a reminder of the importance of a will.
“If you have no will it means your final wishes may go unheeded and a financial and emotional mess is left for your loved ones to sort out,” he said.
If you want to make a will it is worth noting that anyone can set themselves up as a will-writer.
“It is important that people are able to distinguish between those who are unregulated, uninsured and untrained and trained solicitors who specialise in this area,” added Caplen.
To find a registered solicitor that specialises in wills and probate visit Solicitors.LawSociety.org.uk. Also visit Unbiased.co.uk for further advice.
