Each Will at Francis Alexander Solicitors is tailor made for the client, taking into consideration his or her personal financial circumstances, family and commitments and the possible incidence of inheritance tax.

Intestacy - So what if I don’t have a Will?

If you die without making a Will, all your money and possessions (known as your Estate) will be distributed according to strict legal rules and regulations. These rules are called the Laws of Intestacy. In many cases the Intestacy Rules distribute an Estate in a way the deceased would not have wanted, sometimes with disastrous results. 

Married Couples

The rules of Intestacy dictate that estates worth up to £125,000 will be inherited solely by your spouse. If the value of your estate is greater than this, your spouse inherits the first £125,000, plus all personal effects, while the rest is divided among all surviving children or if any children have already died, among their offspring.

The popular belief that a spouse automatically inherits everything is simply not true. This is because your nearest 'blood relations' (children, parents, brothers, sisters etc) are also entitled to take a share under the Intestacy Rules.

Single, Cohabiting, No Remaining Family

If you are single or a cohabitee, when you die, everything you leave will pass to your nearest blood relatives. The line of Inheritance can be complicated and can often involve relatives you have never even met.

The Rules of Intestacy

First your children will inherit your whole Estate - if there are no surviving children next in line are your grandchildren - if you have no grandchildren then both your parents - if both have died before you then your brothers and/or sisters - if none then your nephews and/or nieces - if none then your grandparents - if none then your aunts and/or uncles - if none then your cousins (however far removed) and if no cousins, everything goes to the Government.

You can imagine the possible nightmare you could leave if you die without a Will. Many people who don't have close family would want their Estate to go to close friends or a charity rather than the Government or unknown relations.

If there are no surviving members of your family then the whole Estate would go to the Crown (Government).

Guardianship

If you have children under the age of 18 you should appoint a Guardian or Guardians. They could be appointed to act on your death or only once you and your partner have both passed away.

If you and your partner are unmarried then the mother of the children will need to appoint the father as her first choice of guardian as, under current law, he does not have any automatic rights to the children if she passes away first.

If you have children over 18 while one or more are under 18 then you can appoint an older child as guardian of the younger.

Executors and Trustess

You will have to appoint an executor who will agree to be responsible for making sure your will is properly carried out when you die. It is recommended that you appoint two executors to act on your behalf. You can appoint no more than four executors.
An executor has a number of responsibilities. These include collecting all the deceased’s assets and paying tax and expenses, paying debts and paying the beneficiaries.
We at FRANCIS ALEXANDER are happy to act as executors and can be named in your will at the time of making.

Inhertitance Tax

If your estate exceeds £300,000, anything over that will be liable for 40 per cent inheritance tax, which must be paid before your beneficiaries can receive anything. Inheritance tax advice given is general in nature and if you wish to receive individual advice then we suggest you seek the advice of an independent financial adviser, and we can provide details of an IFA for you. We are regulated by the Law Society for financial advice.

Changing your will

Changes in your financial or family circumstances may affect your wishes, and getting married or divorced can render an existing will invalid. Small changes to a Will can be made by adding a Codicil. If you want to make substantial alterations it is advisable to make an entirely new will.

Enduring Power of Attorneys

If you want to enable someone to undertake certain responsibilities on your behalf – in respect of your business, financial affairs or your home, they will need a Power of Attorney giving the legal authority that third parties insist upon. A Power of Attorney must comply with certain formalities if it is to be effective.

Court of Projection

If you want to be able to deal with someone else's property and affairs after they have become ill, disabled or otherwise incapable, then you will need to apply to the Court of Protection. We can provide guidance and assistance in obtaining a Court of Protection Order.