Laceys Solicitors Laceys is a leading, forward-thinking law firm with specialist experts serving both individual and business clients across a broad spectrum of practice areas.

New Year, New Will

3rd January 2024 by Laura Edwards

Categories: What's New?
Tags: will

Have you made any new year resolutions?  Perhaps one of them should be to make sure that you have a Will and that it is up-to-date.

What happens if I do not have a Will in place when I die?

If you die without leaving a valid Will, your estate will be distributed according to the intestacy rules. 

If you have a spouse or a civil partner and children, your spouse will receive the first £322,000 together with any personal possessions. The remainder is divided equally between your children.   If you do not have children, your spouse or civil partner will receive your whole estate.

If you have no spouse or civil partner, your estate will be divided equally between your children (or grandchildren if a child has passed away). 

If you have no children, your estate will be divided between any living parents, then any siblings (or nieces and nephews if deceased), then any half siblings, then any grandparents, then any aunts and uncles (or cousins is they are deceased) and finally half aunts and uncles (and cousins if deceased).  If you have no living relatives, your estate will revert to the Crown.

If you have no close relatives, this is often a complex and expensive process.  It is usually necessary to employ a tracing agent to prepare a detailed family tree.  We administered one estate where we ended up with over 50 distant cousins benefitting who never met the deceased.  He had close non-blood related family who he may well have preferred to benefit.

The intestacy rules do not always achieve what you want to happen with your estate.  We always recommend having a valid Will in place and not relying on these.

We recommend reviewing your Will at least every five years.  It is important to ensure that your wishes remain the same. 

It is also advisable to review your assets and your inheritance tax position.  For example, if you have inherited a large sum of money since making your Will, this may alter your inheritance tax position and your wishes.

It is also important to review your Will if:

• You get married – this will automatically revoke your Will unless you included a contemplation of marriage clause in your Will
• You are getting divorced – divorce does not revoke your Will. Once your divorce is finalised, any reference to your spouse or civil partner will be struck through and the rest of the Will will remain in place.  However, it is advisable to make a new Will.  If you are in the process of divorcing, you may like to make a Will to ensure your spouse or civil partner no longer benefits from your estate.
• Birth of children or grandchildren – you need to check that any new children or grandchildren are provided for.
• Death of a beneficiary – you may wish to redirect their share of your estate if this has not been provided for in your Will. If you have an old Will where lots of beneficiaries have died, it is helpful to update your Will so your executors do not incur costs in tracing deceased beneficiaries.

Lasting Powers of Attorney (LPA)

As well as reviewing your Will, we recommend making or reviewing your LPA documents.

LPAs enable you to appoint somebody that you trust to make property and financial and/or health and welfare decisions on your behalf.  If you do not have these in place and you lose mental capacity, it may be necessary to ask the Court of Protection to make a Deputyship Order, appointing somebody to look after financial matters on your behalf.  You will not be able to choose who this person is.  They will be unlikely to be able make health and care decisions.

Obtaining a Deputyship Order is a more complex, expensive and time consuming process.  It is often far easier for your family members if you have made LPAs.

If you would like more information about Wills or LPAs, please call the private client team on 01202 377894 or email a.lloyd@laceyssolicitors.co.uk