However, if you turn things on their head and consider life without a valid and up to date Will, then the aforementioned factors fade into insignificance. Peace of mind is a key element here; knowing that your wishes will be fulfilled and that your nearest and dearest are provided for at what will be a painful time for them.
Knowing your child and/or pet will be cared for in your absence is going to be high on the list and this can be arranged. You will also hold financial wishes – leaving a legacy to support charity perhaps – and may have specific funeral preferences – personally, I must insist on music by The Smiths and a warm-flat-ale-based wake.
If you are without a Will, there is no direction and crucially the rigid rules of Intestacy will be applied to your estate, therefore jeopardising these preferences. These laws dictate the manner in which your property and affairs are handled, and subsequently distributed, and additional costs can be incurred if any dispute is raised – these costs will far outweigh the cost of drafting a Will.
Without a Will, the court will appoint an administrator to handle the estate, but it does so by a defined order of priority which may not be appropriate (spouse > child > grandchild > parents > siblings etc). This suitability particularly applies to those in “Common Law” relationships (unmarried) as their partner will have no entitlements under the Intestacy Rules – effectively, they are not classified as a relation and are overlooked.
Divorce, remarriage, stepchildren, mental capacity, contingent Inheritance Tax and estranged relatives could all be factors which require greater thought and planning than Intestacy can provide.
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