Making a Will: A Lasting Act of Love This Valentine’s Day

February is the month of St Valentine and a time to celebrate those we love – but how often do we stop to consider how they would cope if something happened to us?  Making a simple Will can ensure that your estate passes in accordance with your wishes, rather than how the law dictates. This could be the biggest act of love.

It’s estimated that half the adult population do not have a Will. Without a valid Will the law dictates who is entitled to deal with your estate after your death, becoming the personal representative. In most cases, they are also entitled to benefit from your estate in accordance with the Intestacy Rules (Administration of Estates Act 1925). This could be your spouse, children or parents to name a few.

For a full explanation of how intestacy works in practice read our guide to what happens when someone dies without a will in place.

Why Making a Will is an Act of Love

In some cases, you may have chosen the appointed personal representative to deal with and inherit from your estate, but the law does not take into account whether you were estranged or if there has been a breakdown in the relationship.

This could mean that the person or people dealing with and inheriting from your estate may not have been the loved ones you’d have chosen. Without a valid Will, there is no formal record of your wishes or feelings. Creating a Will allows you to clearly express how you want your estate managed and who you wish to benefit.

Modern Family Structures: Protecting Long-Term Partners

A long-term partner is not considered by the Intestacy Rules, regardless of the length of the relationship. Additionally, if you own a property together, it will depend on how the legal title is held as to whether your partner inherits 100% of the property, or if the deceased’s beneficial share passes in accordance with the Intestacy Rules.

The downside to this is that your partner may then co-own their home with another beneficiary that wishes to capitalise on their share of the property. If your partner does not have the capital available to purchase the beneficiary’s share from them, the property may need to be sold. It can be disappointing and upsetting for a partner to learn that this is the case.

There are also considerations specific to LGBTQ+ families when it comes to estate planning. Explore our guide here.

Supporting Your Spouse or Civil Partner in a Will

If you are married or in a civil partnership but have children, your spouse or civil partner may not receive 100% of your estate in accordance with the Intestacy Rules. Instead, they will receive a statutory legacy of £322,000, as of July 2023, along with all personal chattels and any joint assets such as jointly held bank accounts. If further assets are available, they’ll receive 50% of the residuary estate, however the remaining 50% will pass to any children you have living at your death.

Whilst this may not affect some lower value estates, there are many instances where if any estate exceeds the statutory legacy, the spouse may be left worse off than they would have been had you made a valid Will.

This can also have adverse tax consequences for your estate. The transfer of values between spouses and civil partners is free from inheritance tax, but children are considered ‘non-exempt beneficiaries’, meaning the proportion of your estate passing to them, may be subject to inheritance tax based on the value of your estate.

Planning for Children, Stepchildren and Blended Families

The Intestacy Rules also do not make provisions for stepchildren or foster children unless they have been formally adopted prior to your death. You may wish to include children that are not biologically your own as we move away from the traditional nuclear family model. Those children would not benefit in the absence of a Will. Additionally, a Will also allows you to appoint guardians for infant children, providing peace of mind.

Funeral Wishes and Letters of Wishes

Wills can also contain funeral wishes which could make planning your funeral easier for the loved ones you leave behind. It’s also possible to leave non legally binding letters with your Will. These might explain why you have chosen to disinherit a particular family member, which can also be used in a court of law if they choose to challenge your Will or their entitlement to your estate.

Furthermore, letters can be left to assist trustees on how to use income and capital where funds in your estate are directed into a trust for the benefit of certain beneficiaries.

How We Can Help You

Need guidance with estate planning or making a Will? Contact our specialists in the wills, trusts and probate team for tailored advice and service.