If you die without having made a valid Will, you die intestate. This means that your estate will be distributed in accordance with the rules of intestacy which can very often result in your money and other assets being inherited by remote family members that you don’t know or, in some cases they will go to the state.
At the very least, without a Will, you will have lost the opportunity to choose your executors who are the people who deal with your money and assets and make distributions according to your Will.
There are many misunderstandings surrounding intestacy and the outcome can often have a devastating effect on family and loved ones.
Some questions and possible effects to consider if you do not have a Will:
There are endless reasons why it is important to make a Will. Not only does it give you the opportunity to choose your executors, and the guardians of your children and to decide how your assets are to be divided amongst your loved ones but, if properly advised, you can also save on the costs which would be incurred in administering your estate and possibly on the inheritance tax liability on your death.
I welcome the opportunity to advise on individual circumstances so as to ensure that your wishes are properly set out and to minimise costs and tax in the future.