If you die without having made a Will, the government will decide who will inherit your estate in accordance with the rules of intestacy.
If you die without having made a Will, the government will decide who will inherit your estate in accordance with the rules of intestacy. Depending on the size of your estate and your own circumstances, this could mean that your spouse may end up sharing your assets with your children. Married partners or civil partners inherit under the rules of intestacy only if they are married or in a civil partnership at the time of death. So, if you are divorced or if your civil partnership has been legally ended, you can’t inherit under the rules of intestacy.
The full laws of intestacy varies across different parts of the UK and more details can be found on the government website here https://www.gov.uk/inherits-someone-dies-without-will/y.
Discussing your wishes may make you feel uncomfortable, but the process need not turn out to be as difficult or upsetting as you might think. Having a Will in place is likely to provide re-assurance that that you have tied up the loose ends and made your wishes clear.
It is important to have the correct type of Will in place to reflect your wishes and to take account of your own individual, personal and financial circumstances.
If you already have a Will, it is recommended that it is reviewed every few years. It may be that your wishes have changed, but even if they have not, your assets may have altered or new inheritance laws may have been introduced. It is very important to ensure that your Will does exactly what you want it to do; that it protects your assets and investments as well as taking advantage of various areas of flexibility within the law of estate planning.
WILL WRITING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.