An important part of managing our assets includes creating a Will. Death isn’t something we want to think about, but it’s going to happen to us all. Having a Will in place helps safeguard our desires upon death.

Without a Will the state will decide how to distribute your assets. Common law partners are not recognised so with more people living together, dying intestate leaves your partner exposed.

The state will also take responsibility for children. If you have young children your will should appoint a guardian, with their agreement of course.

Also, you shouldn’t rely on your family to fulfill your desires. Even if the state allows them, they may get it wrong. Your assets may even be distributed to somebody you would not have chosen.

The costs of dying intestate can quickly add up. The cost to hire an ad litem to represent somebody who may not be present during a hearing to determine heirship could add up to £1,000 or more. Multiple hearings may be held adding up to more money. Families often find themselves paying for these costs out of their own pocket. Sometimes these fees are taken out of the estate, but either way you are costing your family money.

Don’t forget Inheritance Tax. Those without a Will typically lose more of their estate to the Chancellor than those that do. Charitable bequests should also be included as there are specific tax reliefs for such giving.

And think your family will peaceably split your possessions? Think again! Avoid family members arguing over your possessions and creating broken relationships. Even if the family do agree, the legal system isn’t known to be quick. The average time it takes to sort an estate is 9-12 months.

Death is expensive. The average funeral costs £3,000. Plans for burial should be included and if money is left, part should be designated for the burial. No family should have to worry about the expense of the funeral while still grieving a loss.

A little time and money invested now, will save your family a lot of headache later. The website below explains intestacy laws and who will inherit upon death without a will.

https://www.gov.uk/inherits-someone-dies-without-will/y

Julian Kaye Dip PFS

This information is provided strictly for general consideration only. No action must be taken or refrained from based on its contents alone. Accordingly, no responsibility can be assumed for any loss occasioned in connection with the content hereof and any such action or inaction. Professional advice is necessary for every case. It does not constitute legal or tax advice and must not be treated as such. Richmond House Wealth Management does not offer legal advice. The Financial Conduct Authority does not regulate legal services.