Laura Cowan

The laws of intestacy determine the legal distribution of an estate when an individual dies without having made a will.Frighteningly, around 25% of people believe that their money, property and possessions would automatically pass to their partner, even if they are not married, which is not true. Around 7% think that their estate would go to close friends and around 17% said they had never even considered the issue.

Here, Laura Cowan, head of Graysons’ private client team, explains why you need to make a will if you want to ensure that your family’s future is secure and that you make the decisions now about what you want to happen to your estate when you die.

Without a will, unmarried partners do not inherit and could be left homeless if the property where they live was owned by the deceased alone.  If there are no children, grandchildren or great grandchildren, then, according to the laws of intestacy the beneficiaries will be the closest blood relatives.  This could mean the estate passing to parents, siblings or their children.

Laura Cowan said:

“It is quite shocking that so many people have no idea what will happen to their property, money and other assets if they die without a will, especially given that the number of people living together – not married or in a civil partnership – is increasing.  The latest statistics show that there has been an increase of 144% from 1996, when there were around 1.5 million cohabiting couples, to 3.6 million in 2021, representing 22% of all couples living together.  Around 46% of people think that common law marriage exists – it does not.  If you want your cohabiting partner to benefit when you die – you must make a will.”

If a person is married or in a civil partnership when they die, their partner can inherit – even if they are separated but still married.  However, without a will, if there are children, grandchildren or great grandchildren, the spouse or civil partner will not automatically inherit the whole estate. They will inherit the deceased’s personal possessions, plus the first £322,000 and half of the remaining estate.  The rest will go to their children, grandchildren or great grandchildren.

Laura says:

“Making a will can help provide clarity and guidance at a time when it is probably most needed. It avoids being subject to intestacy rules, puts you in control of who gets what, allows you to decide who your executors will be, makes provisions for your children, ensures that children from a previous relationship are protected, appoints guardians for your children if under 18 years of age and much more – it can even sort out future care for your pets.”

Graysons has many years’ experience of providing advice and guidance to people looking to protect their families’ future, including in some of the most complex situations.  Contact our private client experts now.  We are happy to discuss your individual wishes and provide tailored guidance as needed.

Author: Laura Cowan