Singletons should make a will to avoid intestacy rules

Twenty percent of single people avoid or forget to make a will meaning that their last wishes remain unheard, or their estate is left to the mercy of the intestacy rules.

“By leaving their estate to the intestacy rules, single and unmarried people are putting at risk any potential inheritance tax savings and leaving their affairs, in most cases, more difficult to unravel and administer in the event of their death,” said Carl Marston of SAS Daniels LLP, Cheshire’s biggest law firm, with offices in Stockport, Macclesfield, Chester, Congleton and Bramhall.

Surprisingly, research produced by The 2008 Wills and Trusts Research Report demonstrated that unmarried and single people and those with young children, are more likely to die without a will. Unsurprisingly, married people or those who are divorced are more likely to want put their affairs in order.

“The creation of trusts and powers of attorney are also overlooked as potential future planning options in many cases. Funeral wishes may also be included in a will so that any strong views about the type of arrangements are known to the family,” said Carl.

“Of course, it’s also important that single people tell their extended family or powers of attorney where to find the relevant documents in the event of their death – its amazing how many don’t.”

Leaving an estate at the mercy of the intestacy rules means that any charitable wishes will be unfulfilled, members of the family may not receive anything from the estate and those you may not wish to benefit may get a share of the funds. Of course, in the event of no family the whole estate may end up going to the Crown.

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For more information contact Carl Marston