To make a Will or not to make a Will – Popular Misconceptions “I don’t see the point of making a will – if anything happens to me, my assets will automatically go to my family anyway” Every lawyer has heard this line on numerous occasions. The harsh reality of life is that some 70% of adults in the UK have not made a valid will. Those that have not are leaving the disposal of their assets in the hands of statutory rules (known as intestacy). It is a popular belief that assets held jointly pass automatically to the other joint owner. This is generally true about “cash” assets like bank or building society accounts but not necessarily so in respect of you house. Assets in the sole name of the deceased will pass according to intestacy. In the case of a married man dying without a Will, who is survived by his wife: If he leaves children or remoter issue (i.e. grandchildren) his widow will be entitled to a capital sum of £125,000 only from his estate and the balance of the estate will be held on specified trusts for his widow and issue. If he has no issue but is survived by one or both of his parents or by any brother or sister (or their children) his widow will be entitled to a capital sum of £200,000 only, and the balance of his estate will be held in the following proportions: half for his widow and the other half for his parent(s) or, if neither parent survived him, for his brother(s) and sister(s), substituting the children of any deceased brother or sister. Only if he is not survived by any issue, parent, brother, sister, nephew or niece will his widow be entitled to his entire estate. House prices and wealth have grown disproportionately to intestacy rules meaning that some spouses may even face having to sell the family home just to satisfy the rights of the other beneficiaries. Your Will not only allows you to identify the main beneficiaries of your estate but also allows you to choose your executors and guardians for your children. Further you may wish to leave legacies to other people and to charities – this will not happen on intestacy. Further, the intestacy rules fail to recognise co-habitees and same-sex couples, favouring remoter family members. This may inevitably lead to litigation and additional costs to preserve perceived rights. Considered and well-timed planning is essential. Consulting a lawyer to make a will need not cost a fortune and does not mean that you are “putting one foot in the grave”. Think carefully and do not put it off – it is a fact that death affects us all at some stage – so make it easier for those left behind and have your affairs put in order properly.