The events of 2020 have helped focus people’s minds, and not a moment too soon.
Many people in the UK either do not have a Will at all or have not been updated for so long that their personal circumstances are entirely different.
Only 67% of the UK have a legally valid Will and those who do have often let them become woefully out of date, moving house, having more children, separating etc.
Many people incorrectly believe that the legal responsibility for their children will automatically go to the immediate family if they were to die without a Will. In fact, in such circumstances the legal responsibility for dependent children under 18 would fall to the courts, until a decision is made on who will become the guardians.
A change in relationship could have massive knock-on effects if a Will isn’t updated. A Will is technically valid even if you separate from a spouse, who could still be entitled to your assets until you formally divorce.
If you are co-habiting with a partner without being married, they would not be entitled to assets only in your sole name if you were to die without a Will. If assets are jointly owned, the other owner would normally inherit them. Children would have a claim on the assets but if there are no children the assets would be passed onto parents and siblings. A cohabitee has no rights.
Writing a Will is the only way to ensure that your wishes are carried out after your death. Contact us for up to date and personal advice.
29 August 2020
The views expressed in this blog do not in any way constitute advice and are specific to the date noted. As time passes the facts can change and readers should consult their adviser for up to date advice on any matters covered within the blog. Invest Southwest offers an initial review, which is free of charge, however long it takes. From this we will be able to confirm how we can help and give you an opportunity to decide if you would like us to. Thereafter, we will provide you with detailed recommendations and exact costs. Please note that we promise not to levy any kind of fee unless we can demonstrate a benefit to you.
