IFA Magazine confirms that “intestate estates” are on the rise – these are estates where the deceased leaves assets, but no will. They topped 51,000 in 2023/24, a 17% increase on the previous year.
A will is the simplest way to make your wishes on death known. Without a will, your estate is generally distributed according to the laws of intestacy. The results might not match your wishes and loved ones could lose out.
Keep reading to find out more about why keeping an up-to-date will is so important.
And how Globe – and our partnership with Penrose Wills – can help.
Estate planning myths might help to explain why so many die intestate
Generally, we all need a will. It doesn’t matter if you’re:
- Single
- Married
- Co-habiting
- A parent
- Retired
But estate planning myths persist and could be stopping some of these groups from putting a will in place.
A recent Canada Life survey suggests that:
- 33% of Brits believe that without a will, everything passes automatically to their loved ones.
- 17% think that if they marry or re-marry, they don’t need to update their will.
- 16% expect a cohabiting but unmarried partner to automatically inherit.
As we have already mentioned, without a will in place your estate is subject to the laws of intestacy. This means your money could be distributed in a way that doesn’t align with your wishes.
If you have an ex-spouse but you aren’t divorced, your ex-partner might inherit, for example. A cohabiting partner that you aren’t married to or civil-partnered with, meanwhile, has no claim to your money under intestacy laws.
A will isn’t just about which family members inherit your wealth. If you’re single, you might want to ensure money goes to a favourite charity. As a parent, a will can be used to name legal guardians for your children should the worst happen to you.
It’s important not to make assumptions where legacy and estate planning are concerned. Putting a will in place removes this guesswork.
Finally, the Canada Life report confirmed that a quarter (25%) of Brits see writing a will as a one-time-only process. This is far from the case.
Life events can change priorities. More importantly, some can invalidate a previous will entirely. While a birth or death might mean changes need to be made, a divorce or remarriage can render parts of a will obsolete and mean that a new one is required.
Revisit your will at least annually, and after any big life events, to ensure it still aligns with your wishes.
Globe IFA’s partnership with Penrose Wills could prove invaluable
We first partnered with Penrose Wills back in 2020, as the restrictions of the first Covid lockdown were being lifted. Five years on, our partnership is as important as ever.
Jamie Howell and his team remain on hand to help you put a will in place or update an existing one. The process is hassle-free and can be managed in a way that works for you.
You’ll have peace of mind that you have a team of qualified professionals on hand to interpret and follow your wishes from start to finish. You’ll know your money is going exactly where it needs to go.
And remember, the team here at Globe are on hand to help too. Like putting a will in place, estate planning isn’t a one-time deal. Rather, it’s an ongoing process.
We can help you look at tax-efficient ways to pass on wealth during your lifetime, helping to lower the value of your estate. A lower Inheritance Tax liability means you can pass on as much of your wealth as possible.
Get in touch
Please email hello@globeifa.co.uk or call us on 020 8891 0711 to discuss how Globe IFA’s expert financial advisors can help you manage your estate planning, or to speak to us about our partnership with Penrose Wills.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
The Financial Conduct Authority does not regulate estate planning, tax planning, or will writing.
