On the 1st October 2014, the Inheritance and Trustees’ Powers Act 2014 came into force which has changed how a person’s estate will pass if they die leaving a surviving spouse or civil partner and without making a valid Will – dying ‘intestate’.
The legislation brings into focus the importance of making a Will to provide for the passing of your estate on death. It is now the case that married couples who have separated (but not divorced), and die intestate, risk leaving their estate to be inherited by their estranged spouse who would inherit more than any children of the deceased and, if there were no children, the entire estate. This is just one example of how the changes could affect the loved ones of those who have not made a will.
The Law Society has encouraged people to make a Will drafted by a regulated professional, such as a solicitor specialising in private client matters, and endorses Certainty – The National Will Register who urge people not only to write, but also to register, their Wills. Their research* this year reveals:
- 28.7 million of the UK adult population (57%) are at risk of dying “intestate” (without any legal orders regarding their estate)
- Nearly 78% of adults in their 30s and more than 68% in their 40s have no Will in place
- Even those getting older are overlooking the importance of making a Will, according to the financial website unbiased.co.uk
- More than half (54%) of those surveyed in their 50s and 27% of those in their 60s have left no official bequests
- 68% of people expect to leave property valued at an average of £182,000 to someone on their death
- 75% intend to leave as much as £51,000 in cash and 56% say they want to pass on assets such as paintings, jewellery and antiques worth around £22,000
* Source Certainty Unbiased survey July 2014
Don’t miss the opportunity to potentially safeguard your loved ones’ financial future! At BWL we provide a comprehensive range of private client services, to enable you to plan ahead and provide for your loved ones. Call us today to discuss making a Will on 01792 655178