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It isn’t a nice thing to consider, but have you thought about what would happen to your assets if you were to pass away?  There may be some key factors you need to contemplate, for instance, did you know that whether or not you are married can have an impact on what is left to your significant other when you pass away?

If you are married with children and you pass away without a Will, your estate would not necessarily be gifted to your spouse entirely.  Instead, your estate would be gifted as follows:

• All joint assets would pass to the surviving joint owners, whoever they may be (the exception being property, dependent on how the property is held, for example joint tenants would pass to the co-owner absolutely outside the estate, however if held as tenants in common the deceased’s beneficial share and interest in the property would be subject to intestacy laws)
• All chattels (personal possessions including vehicles) would pass to the surviving spouse
• The first £270,000 would pass to the surviving spouse
• If anything is left, this would be gifted 50% to the surviving spouse and 50% would be split equally between any of your surviving children

For modern-day families with children from a previous marriage this is not ideal as your children could miss out on inheriting your estate.

If you are in a relationship but neither married nor in a civil partnership and you pass away without a Will, your partner would only be entitled to the assets that they own jointly with you, if any.  Your partner would not be entitled to any of your sole assets; these would pass to your blood relatives in accordance with the intestacy rules.  This could be tricky if, for example, you own the property in which you and your partner live in solely, or, even jointly as tenants in common.  Your partner could find themselves living in a house owned by or co-owned with your children, parents, or siblings.

Your partner can make a claim on your estate via the Inheritance Provision for Family and Dependents Act, but this will be time-consuming, costly, and stressful.

In order to ensure your assets are distributed according to your wishes and to save your loved ones the extra heartache, contact a member of our team to make a Will.  Our experts are located across our Dalston, Penrith and Workington offices.