I would like to draw your attention to this report I recently came across.
Many people don't know what would happen if they died without a will. This lack of knowledge is common among those who live with a partner but aren't married or in a civil partnership.
Unmarried couples who live together do not have the same financial and legal rights as married couples or those in a civil partnership. Regardless of how long you've been together, whether you own property jointly, or if you have children, the surviving partner has no automatic right to inherit anything from your estate.
Instead of your assets going to your partner, the default rules of intestacy dictate that your assets will pass to your closest surviving blood relatives.
This typically means:
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Children (or descendants)
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Parents
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Siblings
A Will is the only legal document that guarantees your partner (and children) are provided for exactly as you wish. It allows you to override the rules of intestacy, securing your loved one's future and giving you both peace of mind. Without a valid Will in place, your estate may be distributed in a way that does not reflect your personal wishes or your current family circumstances. Worse it may be distributed in a way that makes matters difficult for the loved ones you leave behind. By making a Will, you can clearly set out who should inherit your assets, appoint guardians for your children, and even include provisions for friends or charities that would otherwise be excluded. It also helps to reduce the risk of disputes or confusion among your relatives at what will already be a difficult time.
If you would like to dsicuss preparing a new Will, please feel free to contact any member of our Wealth Management & Taxation Team on 01494 521 301.