You need will power

By DAILY MAIL REPORTER
Updated:

 

MOST people put off writing a will, but however much you have in savings you could leave your family in a real mess if you don't plan ahead.

Without a will, your estate will be split according to strict intestacy rules which could leave your spouse and children facing financial hardship.

And you will have no say over who looks after your children if you die when they are still young.

Richard Ford, at solicitors Wood, Awdry, Ford, says: 'Most people are worth much more dead than alive once you take into account death-in-service life cover and that the mortgage will probably be paid off, for example.'

The intestacy rules are very strict. In England and Wales, if you die without a will your spouse automatically gets the first £125,000 (which can include the value of the home). If there are children, your spouse also gets your personal belongings and a life interest in half of the balance, with the remainder going to any children. This means your spouse can receive interest on the money but can't touch the capital.

If there are no children, the spouse gets £200,000 plus personal belongings, with the balance split between them and the deceased's parents - or siblings if the parents are dead. Only if there are neither does the spouse get the whole estate.

If you are not married, regardless of whether you have a partner, your belongings are shared equally among your children.

If there are none, your parents benefit, and if they are dead, your siblings do.

In the absence of all three, grandparents, then uncles and aunts benefit. If there is no surviving family, the estate is given to the Crown.

Common-law spouses are not recognised under intestacy laws regardless of the length of the relationship, although a Bill is going through Parliament to change this.

'The intestacy laws mean a spouse could be forced to sell the family home if he or she does not get on with the other beneficiaries so they can realise their share of the inheritance,' says Mr Ford.

The aim of a will is to make sure your possessions and money go to who you want.

If you have children, a will is vital as it should name who you want to be their guardian.

Making a single will usually costs £50 to £100. Never make a DIY will and always use a reputable solicitor.

You will also need to name at least one executor, who'll sort out the paperwork and distribute your estate according to your wishes.

Roger Wilson, senior partner at solicitor Malcolm, Wilson and Cobby, says: ' Making a will reduces the problems for those left behind.'

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