If you’ve planned your affairs carefully, you probably already have a will, but what happens if you don’t?
The answer is that you’ll be declared intestate when you die. “Intestate” means dying without a valid will, either because you never made one or because it’s ruled invalid during probate. In such cases, your estate doesn’t pass according to your wishes. Instead, the Crown (in effect, the government) distributes your assets among your closest relatives according to a strict legal formula set out in the intestacy rules.
This can create real problems for families. For example, your family home may have to be sold so the proceeds can be divided between beneficiaries, even if you had wanted one person – perhaps your spouse or a dependent child – to continue living there. A properly drafted will could instead allow a life tenancy, ensuring they have the right to remain in the home for life before it passes to others.
If you have children under 18, a will also allows you to appoint guardians, giving you peace of mind that they’ll be cared for by people you trust.
