Matthew Insley explains the importance of preparing a Will and some common misconceptions if you have a partner and you die without a Will.
It should come as no surprise that a Will is an important legal document which serves the purpose of making sure your loved ones are taken care of.
If you are unmarried, there is a common misconception that your unmarried partner will inherit all of your estate if you die without a Will. However, no matter how long you have been living together, your unmarried partner will not benefit from your estate if you do not provide for them in your Will.
Without a Will, there could be great uncertainty for your partner as any financial security they had during your lifetime could disappear.
So, who is going to inherit my assets if I do not have a Will?
There are specific rules known as the intestacy provisions which provide a solution for how your assets are to be distributed if you die without a valid Will. The intestacy provisions provide a hierarchy of people who will benefit from your estate if you do not leave a valid Will. At the top of the hierarchy are your children and everything will pass to them if you are not married. If you do not have any children, your estate will pass to your parents, or if they’ve passed away, your siblings and then onto more distant relatives.
It is essential that, if you are living with a partner or you are in a relationship, you prepare a Will. Preparing a Will will not only make your wishes legally clear and enforceable, but it could also prevent any complicated legal challenges or family disputes in the future.
At Ellis-Fermor & Negus we offer specialist advice and a personalised service to all our clients. If you would like to discuss creating a Will, please get in touch with our Wills and Probate team.
Matthew Insley and Rebecca Green are based at our Long Eaton Office.
Telephone: 0115 872 5222
Email: [email protected] / [email protected]
Featured in NG10 Magazine.
