You don’t like anyone telling you how to run your life. Good for you. So why let the state decide what happens to your assets when you die? If, like seven out of ten people, you die intestate - without making a will - the law decides who will get what; in some cases the state gets everything. There’s also a risk that you’ll be handing more money than you need to the Government - instead of to those you love - in the form of inheritance tax. If you never marry, the one you love and live with (now or perhaps in the future) might get nothing and could indeed be thrown out of your home should you die (if the house was in your name only).Cohabiters have so little automatic legal rights to inherit. Don’t let someone else make these decisions for you. If you are single it is just as important that you make a will. Single people without children will find that their siblings - or their nephews and nieces, if brothers and sisters are no longer alive - will inherit (parents get first call, but they tend to pass away first). In a worst case scenario, a childless single person with no siblings could find that the state inherits all their worldly wealth if they die intestate.
It’s important to update your will if circumstances change. Although most wills simply refer to “my estate”, some assets need to be mentioned by name - any item you want to leave to a particular person and any jointly owned assets such as properties.
You also need to update ‘old’ wills to take account of any new assets that fall into these categories; any new wishes and if you marry, start to cohabit, separate or divorce.
Legal Services UK will help you through the whole process to ensure you complete the actions that you really want.
Filed under: Legal Advice, Wills
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