Wills Probate and Trusts Team at Meade King

Why Make A Will?

74% of the UK population does not have a current Will that reflects their personal and financial circumstances at the time of their death. So, why make a Will?

Everything you own will pass to those you want to benefit

Many people assume that if they die without a Will (intestate), their spouse/civil partner will recieve their entire estate. This is not the case. Instead the estate will be distributed in accordance with the intestacy rules.

Under the intestacy rules if a person dies:

Leaving a spouse/civil partner and children, the spouse/civil partner will recieve:

All the personal chattels (such as household items and jewellery)
A lump sum of Ł125,000, and
A life interest (a right to the income but not the capital) in half of the residuary estate.
The children will receive one half share absolutely and the half share held on trust for the surviving spouse/civil partner on his/her death.

Leaving a spouse/civil partner but no children, then the spouse/civil partner will receive:

All of the personal chattels

A lump sum of Ł200,000 and

Half of the residuary estate absolutely. The
....remaining half of the residuary estate will be given
....to close relatives such as parents, siblings, aunts
....and uncles etc

Leaving a cohabitant with or without children

Cohabitees have no right to benefit under the
....intestacy rules and will not recieve a benefit from
....your estate. They are entitled to make a claim
....against a person's estatealthough a claim may
....not be successful.

If there are children of the deceased, they will
... recieve everything absolutely under the intestacy
....rules.

If the deceased had no children then other blood
....relatives will benefit from the estate.

How you own property such as bank accounts or your home will also have an effect on what your cohabitant/spouse/civilpartner receives on your death. Please see the attached note on jointly held property

Your estate may have increased as a result of the significant rise in property prices in recent years. Therefore your surviving spouse/civil partner could be left financially vulnerable under the intestacy rules. It is estimated that every year 9,000 widows and widowers are left in a position where they do not receive all if their spouse/civil partner's estate, forcing many to sell their homes.

To make potential inheritance tax savings

Inheritance tax savings can be made in your Will if drafted correctly. Please see the attached note on Capital Tax Planning">how to make Inheritance tax savings through your Will

In addition, making a Will allows you to:

Leave directions as to your funeral wishes (although this is not binding)
Make guardianship appointments if you have minor children (not binding)
Appoint whoever you wish as your executors

In the light of the above it is therefore crucial that people make a Will to ensure that when they die their wishes are carried out and any moral obligations they consider necessary can be fulfilled.

You can complete an online Will questionnaire which you may find useful if you do not have time or you would find it difficult to attend the office to give your initial instructions. Should you wish to complete the questionnaire please click here. When you have completed the form please print it off and send it to us. We will then contact you to discuss your instructions before sending you a draft Will for approval.

However, should you at this stage require further information on making a Will, please contact us on 0117 926 4121 or email any member of the team:

Richard Boulding rjb@meadeking.co.uk
Anna Molter am@meadeking.co.uk
Vanessa Eyre ve@meadeking.co.uk
Samantha Piper sjp@meadeking.co.uk

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