The New Year is now well underway and I am sure some of you have spent the last few weeks making those all important New Year’s resolutions: to do more exercise, eat more healthily, take up a new hobby or lose that unwanted weight.
One New Year’s resolution, which never seems to be at the forefront of people’s minds, however, is to make a Will; yet this is, without a doubt, one of the most important resolutions you could ever make.
Recent studies have revealed that almost two thirds of adults do not have a Will. Without a Will, a person dies intestate meaning their estate passes in accordance with the intestacy rules. Many people are completely unaware of the implications of not leaving a Will and what the intestacy rules would mean for them. In particular, unmarried cohabiting couples are usually among those affected by not having a Will, as the intestacy rules do not provide for them.
As there has been a decline in marriages in recent years, it is likely that many of those who have not made a Will may be affected without even realising it. Unless cohabitees own a property or bank accounts jointly, a surviving cohabitee will have no automatic right to any of the assets as these will simply pass in accordance with the intestacy rules.
If you would like to know more about the intestacy rules and the implications for you without a Will, or if you feel ready to take that step and make a Will in 2017, please contact Lucy Cox at The Wilkes Partnership on 0121 733 8000 or via email on [email protected]