The Covid-19 pandemic has been the cause of untold misery and the deaths of millions around the world since the beginning of 2019. Millions of families have endured the loss of their loved ones, many of which have been in the latter stages of their lives.
A sombre fact that has hardly been mentioned is the additional heartache and financial hardship that has been encountered when the deceased passed away Intestate – that is without a valid Will in place. There are a significant number of excuses or reasons why more than 70% of adults in the UK don’t have a valid Will – but here are a number of reasons why they should!
Dying without a Will – Intestacy
Anyone dying without a valid Will dies ‘Intestate’ causing upset and stress for many families who may then have to wait for years before they receive their entitled inheritances.
Important Note: Wills should always reflect current circumstances and be updated whenever significant changes occur e.g. marriage or divorce, the birth of children, moving house, cohabiting, leaving the UK and many more.
It is also worth noting that Wills are negated by marriage but not by divorce.
Examples of challenges faced if no Will exists:
- Rules of Intestacy apply meaning a special court will become responsible for making all estate decisions
- Bank accounts, personal and business, can be frozen leading to Financial hardship
- Property disputes and evictions often occur, especially between non-married
- There is no such thing as a common-law spouse – you are unmarried
- The Court of Protection will decide who should be legal Guardians to minors
- Intestacy will lead to significant legal costs
- Unnecessary tax may become payable
A guest blog from our member Ted Yeates, Your Money Friend Ltd
Tel: 01235 617170 | (M) 07539 645514
