“What happens if I do not have a will in place when I die?”

One of the biggest misconceptions regarding wills is that everything will automatically go to your partner upon your death, which is why many people have not set one up. In fact, a recent survey found that only 44% of UK adults have a will in place*.

However, if you die without a will, your estate will actually be divided according to intestacy rules between your surviving relatives which can vary depending on where in the UK you live and based on your individual circumstances. For example, consider these two scenarios for those living in England or Wales:

1. Married with Two Children

If you are married with two children then your spouse would inherit £322,000, plus all personal possessions and half of the remaining estate upon your death. The other half of the estate would be split between the children.

2. No Living Relatives

If you have no close living relatives when you die (including up to half-siblings or half-aunts/ uncles) and do not have a will in place, then your whole estate goes to the Crown.

In more complex family circumstances, not having a will in place could increase the chances of a dispute being raised by family members, causing major disagreements and further issues. This can also be a challenge for those who have a will but have not updated this in a long time – for example, if you are in a new relationship and still have your ex-spouse on your will. Instead, a valid and up-to-date will can ensure your wishes are met upon the event of your death, whether you want it all to be left to your current spouse or you wish to leave your estate to charity, for example.

Furthermore, not having a will in place can create further problems for your family when you pass away at an already difficult and emotional time, such as a delay in settling your estate as intestacy rules will lengthen the probate process, and possible additional legal and administrative costs.

Therefore, we hope to have stressed the importance of not just having a will in place, but in ensuring this is kept up to date to reflect your wishes, bringing you peace of mind and easing the process for your family.

Integrity365’s Independent Financial Advisers work closely with a trusted panel of solicitors who offer will-writing services in addition to advice on all family law matters that we can introduce you to if required, alongside our Inheritance Tax planning and further estate planning services. If you do not currently have a will in place, please do not hesitate to get in touch as soon as possible to begin this important process.

*Sources:
The National Wills Report, the National Will Register, 2023