Did you know that over half of UK adults do not have a Will? According to research from the Money and Pensions Service, 53% of adults aged 50-64 and 22% of those aged 65 and over do not have a will. This means that millions of people are leaving their estate to chance with the law of intestacy, rather than their personal wishes. Free Wills Month is giving people the opportunity to create or update their Wills.
Free Wills Month
Free Wills Month is a UK campaign that runs every October and March. They offer individuals aged 55 and over the chance to have a Will written or updated for free by participating charities and solicitors.
This campaign is designed to encourage estate planning for people without wills. Some people may be put off making a Will due to busy schedules or not be able to afford to get a Will written. For more information, read more on the Free Wills Month website.
What Happens If I Don’t Have A Will?
A Will ensures that the deceased’s wishes are followed when distributing their assets. This outlines the distribution of the estate, including who has rights to assets such as bank accounts, property and personal items.
If someone dies without having made a Will, they are considered to have died intestate. In the absence of a Will, the inheritance is determined by legal rules known as the laws of intestacy which allocate the estate to the next of kin.
Complications Of Not Having A Will
While many people want to avoid discussing their estate planning, it can cause some complications for you and your loved ones.
- Lack Of Control Over Distribution – When you pass you lose control over how your assets are distributed. Your assets including your property, back accounts, belongings are distributed according to the laws of intestacy. This might not reflect your true intentions, as your assets could be distributed to relatives you did not specifically choose as beneficiaries.
- Family Disputes – Dying without a Will can lead to family disputes and conflicts. Some relatives may believe they are entitled to inherit your estate, which can cause disagreements and tension among family members. These disputes often escalate into legal battles that are not only expensive and time-consuming but can also cause lasting emotional strain within the family.
- Delays In The Process – Probate can be a time-consuming and costly process. The time to resolve the estate can leave your loved ones uncertain and stressed.
- Risk For Minor Children – Challenges can arise for individuals who are parents to minor children. Without a Will acting as a guide to appoint your child’s care. The court will appoint a guardian which may not align with your wishes.
Conclusion
Many people fail to create a Will which can create uncertainty for those left behind. At Blanchards, we are expert heir hunters, dedicated to supporting the families and friends of loved ones who have passed. We specialise in tracing missing beneficiaries and uncovering unclaimed estates. Whether your relative died intestate or you’re unsure if a will exists, we’re here to help. For more articles like this, please read our other blogs or contact us directly with your enquiries.
