The importance of making a will: what you need to know

Creating a will is an important step in everyone’s life and is something everyone should think about, regardless of their age. But what is a will and why is it crucial to have one?

A will is a legal document that describes how you want your assets to be distributed after your death. It’s important to have one because if you die before creating one, your personal assets, property, and money may not be managed the way you want them to be. This can result in complex legal disputes between family members and friends as they attempt to fairly distribute the inheritance, adding unnecessary stress to a very sensitive time.

To help shed light on what you need to know about wills, probate and what can happen if you don’t have a professionally drawn up legal will, we spoke to Molly Graham, a solicitor from our Wills team and probate, to provide his expert perspective on some of the most frequently asked questions regarding these areas of law.

Q: What happens if someone dies without a will?

A: If you die “intestate”, that is to say without having made a will, the law of intestacy will divide your estate equally between your legally recognized relatives. This includes a spouse, civil partner and/or one or more children.

However, this is not always what you want and can create tension between each respective party if they feel that this equal distribution is unfair. Additionally, intestate inheritance law does not cover stepchildren, unmarried partners, friends and charities, meaning many of your loved ones could be left with nothing after your death.

Q: How does the law of intestate inheritance affect the distribution of assets?

A: How the law of intestate succession distributes your estate depends on which family members the inheritance is to be divided among.

If both the spouse and children are entitled to inheritance, it is usually divided in two. One half, including all personal property, for your partner and the other half is shared between your children.

If you are without a spouse or children, all other surviving family members will inherit your assets. This is decided in order of priority, the closest relatives first, followed by the most distant families. If there are no relatives to claim your estate, your assets will go to the Crown.

Q: What specific challenges arise when administering an estate without a will?

A: The probate process, which involves dividing your estate among beneficiaries, does not vary too much depending on whether there is a will or not. However, without this document, you lose all control over how your estate is divided. For example, a family member who cared for a part-time caregiver throughout a parent’s life will receive the same amount of inheritance as an estranged family member. This could lead to friction between families and unnecessary court and legal costs if a court is needed to resolve a legal dispute.

If you are a relative of someone who died intestate, you can apply to the court for a ‘grant of letters of administration’. This must be done within the first two years of your loved one’s death, after which the law will begin to automatically distribute the estate. There can only be one administrator – there must be a minimum of two and a maximum of four.

Q: Please explain more about the probate process when someone dies without a will.

A: To obtain a Letter of Administration you need to have details of everything the deceased owned, its value and any outstanding debts. This information is then used to complete the necessary inheritance tax forms. You will then be able to get a complete idea of ​​how much tax is owed to HMRC.

Along with these tax forms, the application also requires the deceased’s original death certificate, as well as a fee to be paid to the Registrar of Probate for their service.

If approved, the applicant(s) will be named administrators of the estate. This gives them legal authority to manage the estate, which may require access to the deceased’s private information.

In this scenario, probate is extremely complex and mistakes are much easier to make.

Q: How can we mitigate potential disputes or complications if there is no will?

A: Having several administrators avoids disputes by allowing a greater number of relatives of the deceased to have their interests represented, especially if the estate is complicated. However, a third party opinion, by a lawyer, is also recommended. They can act as an impartial party and consultant for any legal questions that trustees and their loved ones may have.

When someone dies, it can be an extremely difficult time for everyone involved in that person’s life. To avoid unnecessary stress and worry, everyone should have a will in place, meaning that when a person dies, their friends and family can honor their memory with peace of mind, knowing there is a plan to manage his estate.

If you need help and support on matters relating to Wills and Probate, our specialist team at Thomas and Thomas Solicitors offer a full range of Wills services. For more support and advice, contact us here.