I Am Only In My 30's. Why Do I Need a Will?

Miss Smith is 34 and works for the local council.  She lives with her long-term partner and their two young children.  Together, they own a house valued at £250,000 with a mortgage, holding it as beneficial joint tenants.  This type of ownership means that if one partner passes away, the property automatically transfers to the surviving partner.  Additionally, Miss Smith has £65,000 in savings in her own name. 

Tragically, Miss Smith passed away suddenly without a valid Will.  When an individual dies without a valid Will, it is known as dying intestate, which means their assets are distributed according to specific legal rules, rather than in line with Miss Smith's personal wishes.  The process of administering the estate of someone who has died intestate is called an intestacy.  As Miss Smith and her partner were unmarried, her partner did not automatically inherit her estate under the rules of intestacy.  Although the house passed to her partner due to the beneficial joint tenancy and by the right of survivorship, this transfer could potentially trigger an Inheritance Tax liability.

However, the savings held in Miss Smith's name would be divided equally between her two children under the rules of intestacy, leaving her partner with no cash assets. 

This distressing situation could have been avoided if Miss Smith had made a valid Will, which is especially important when unmarried couples live together with shared assets and children.  A Will would have allowed Miss Smith to specify exactly how her assets should be distributed, potentially providing for her partner and clarifying any tax implications.  

Life is unpredictable and full of twists and turns.  Having a valid Will ensures that your wishes will be carried out properly if you were to pass away.  If you have a young family, a valid Will ensures that your estate passes to your loved ones rather than being distributed according to the rules of intestacy, which may not reflect your wishes, and you will have no control over who receives your estate.  This is particularly important if you are unmarried, have children, or have other financial dependents, as the rules of intestacy may not provide for your partner or prioritise your children as you would prefer.   

Furthermore, if you do not appoint a guardian for your minor children in your Will, and there is no surviving parent or other person with parental responsibility, the Court will decide who to appoint as your children's guardian.  This may not be someone you would have chosen.  Such a situation could lead to family disputes and additional stress during an already difficult time. By appointing a guardian in your Will, you can ensure that someone you trust will look after your children if something happens to you.