A staggering 27 million people do not have a will to secure their assets when they die. Are you one of the 27 million at risk from this ‘wills time bomb’?

Death is never a comfortable subject to discuss but frighteningly few of us are planning ahead for the day when it will arrive. Research conducted by the National Consumer Council (NCC) revealed that more than 27 million people in England and Wales do not have a will, leaving their estate wide open. Scarier still, 30% of individuals aged 65 and over — that’s nearly two million people with a life expectancy of less than 20 years — have not made a will.

I know, that you’re probably thinking, “do I really need a Will” or commonly “I’ll get round to it later, as I don’t need to worry about this for a while”.

To answer the first point Basically, if you have children or something to leave, then you should make a will.

Property-owners who are co-habiting should take particular care. Currently, more than four out of five cohabiting couples (83%) do not have a will. Yet despite common misconception to the contrary, unmarried cohabiting couples have no automatic right to inherit their partner’s assets. Your only hope would be to try and claim under the Inheritance (Provision for Family and Dependents) Act 1975.

If you think that sounds like it might be difficult, then you’d be right. Claims need to be submitted within six months of the Grant of Letters of Administration, and even then there’s still no guarantee that you’ll succeed. You will also need a solicitor to fight your corner, which could be very expensive.

A scarier example still is if you are separated but not divorced. In this circumstance your surviving spouse could end up with the keys to your house, even if your relationship has already ended.

Property listed as ‘joint tenancy’ as opposed to ‘tenants in common’ passes on by survivorship, not by will. So if the house is still in joint names and you die, then your unwanted partner should be entitled to the whole property simply because they have survived you.

Money, Money, Money

Under Intestacy laws in England and Wales, if you have no will but were married and your estate is worth £125,000 or less, then everything will go to your husband, wife, or civil partner.

Things get slightly more complicated if your estate is worth more than £125,000. Spouses and civil partners receive just £125,000, or £200,000 if there are no children, along with personal items, such as household articles and other items used for personal use.

The balance is then split between other surviving relatives – so the danger is, if your family home is worth more than £125,000, it may have to be sold in order to pay out these relatives, potentially leaving your spouse homeless.

And, if you are unmarried and have no close surviving relatives, in the worst case scenario, your entire estate could even end up going to the Crown.

Protect Your Children

According to the NCC, 79% of parents fail to make provisions for their children before they die.

Yet if you have children under 18 and a guardian is not identified in a will, then the courts could appoint one of their choice.

Scary Isn’t it and I believe most people haven’t made a Will because they are simply unaware of the consequences of not doing so.

How Much Does A Will Cost?

So how much does a will cost? Less than you may think. Naturally, it all depends on your needs, but in most cases, you’ll pay around £100 for a single and between £150 for joint mirror wills (when a couple leaves the same assets to each other).

My prices are fixed and listed

You could of course consider doing it yourself, as there are plenty of choices available however, if you’re dividing up an estate that’s worth a lot more than the paper your will would be written on, then it pays to seek professional help. Sorting out a badly worded will could end up costing your heirs dearly.

You should also ensure your will is kept up to date. I suggest that you review your will every five years or after major life changes such a separation, divorce, or a change in financial circumstances. Changes are especially important if you get married or enter into a civil partnership, as this will revoke an earlier will, unless it is expressly made in contemplation of your marriage/partnership and certain requirements are met.

Finally, it is important that you choose sensible executors (the people you wish to carry out the task of administering your estate after your death).

Many people mistakenly believe that if you are a beneficiary, you cannot also be an executor. This is not true. However, you cannot be a beneficiary (or the spouse of a beneficiary) and a witness to the will.

Death is never a pleasant topic to discuss, but making the right preparations in advance could save you, and more importantly your loved ones a lot of hassle in the future. After all, once you’re dead, it will be too late…

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By LUKE SALKELD – Daily Mail online
3rd November 2010

The ex-wife and the girlfriend of a millionaire estate agent both forged a will in a dispute over his fortune, a court heard yesterday.

Chris John died suddenly at the age of 47, leaving a property portfolio and sports cars – but no will.

His girlfriend Gillian Clemo used a forged will to try to ensure she could stay in the luxury home the couple had shared, the jury was told.

His former wife Helen John, 48, who had split from her husband ‘acrimoniously’ after his affair with Clemo, then altered that will after discovering that their divorce had never been officially finalised, it was said.

The alleged fraud and counter fraud began after Mr John, who once sold a property to singer Charlotte Church, died of a brain haemorrhage. There was no sign of a will deciding how his estate should be divided.

Clemo, 57, is said to have wanted Mr John’s sisters to be appointed as executors, so she would be allowed to continue living in the Cardiff house.

John Philpotts, prosecuting, told Newport Crown Court: ‘When no will was discovered there developed a dispute as to who should administrate the estate. On the one hand were the two sisters and on the other hand Helen John. No agreement could be reached.’

‘Mrs Clemo wanted the sisters to be executors so she would be allowed to stay in the house.’

The court heard Clemo then swore an affidavit that the will, which left the estate to Mr John’s daughter when she reached 27, was real and that she had witnessed it.

But Mr Philpotts said handwriting experts decided it was not Mr John who had signed the will. ‘In addition there was the fact that Mr John’s daughter’s name was spelled wrongly,’ he said.

Talking about the will, Mrs John told the court: ‘I was shown a copy. It was on A4 white paper with a couple of lines written on it. It immediately struck me that it didn’t look like my husband’s signature.’

Mrs John admitted forging a modification to the will, although details were not given in court. She said she had been worried about her daughter’s inheritance, said to be worth millions.

The jury heard she had been given a formal caution by police instead of being taken to court.

Clemo denies using a forged will under the Forgery and Counterfeiting Act.

The trial continues.

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Guardian – 23rd October 2010

By -Mark King

Consumer report shows widespread ‘wills apathy’ among British adults despite the risks to loved-ones of dying intestate

The UK is suffering from “wills apathy”, with more than 30 million adults failing to make provisions for when they die, according to research published today.

Almost nine out of 10 under-35s and two thirds of those aged between 35 and 54 are living without a will, despite 92% of people having a firm idea of who they would like to see their money go to when they die, according to the survey by unbiased.co.uk.

The financial advice website also revealed that more than a third (36%) of those aged over 55 have yet to make a will. The total figure of those without a will is a 2 million increase on last year.

Apathy remains the number one reason, with 36% saying they just haven’t got round to sorting it out yet, and 8% that it never occurred to them. Almost one fifth (18%) don’t think they have anything of value to leave behind and 10% claimed they would never make a will.

Dying intestate (without a will) means the government will decide the order of who gets what from your estate – and if no one comes forward then the government will take the lot. Not having a will in place could also result in inheritance tax being due before the estate is released, so grieving families may be forced to take out expensive loans in order to release the assets.

Despite these potential costs of dying intestate, 7% of people questioned said the cost of making a will was a factor – the cost of seeking legal advice to write a will can be as low as £120 for singles and £200 for couples. NB. I provide a single will for £99 and a Mirror Will for £149 both of these prices are fixed and include VAT – see my services and prices page.

Under current rules, children not named in a will are only entitled to an inheritance if there is no surviving spouse or if the estate is worth more than £250,000. Despite this, 57% of those without a will would like to leave some assets to their children and 69% would like to leave some assets to another relative. Shockingly, 70% of adults with children under 18 do not have a will, rising from 65% last year.

Karen Barrett, chief executive of unbiased.co.uk, said: “Thinking about the possibility of something bad happening to you is never an easy topic but nevertheless, it is hugely important. Our research clearly shows that the nation is gripped by ‘wills apathy’, leaving a large proportion of spouses, partners and children unprotected should anything happen to a partner or parent.

“Many people are simply unaware that should they die without a will, their assets are distributed according to the rules of intestacy – meaning their assets may not be going to those they would like them to go to.”

Drawing up a will doesn’t have to be a daunting process. We will come to you and explain the process and take your instruction meaning you can get your affairs in order so that your family or friends receive the inheritance you wish them to.

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It’s a shocking fact that nearly two-thirds of the adult population risk their estate falling into the wrong hands because they have not made a will, a new study suggests.

There are now more than 30 million adults without a will in place, rising from 28 million last year, according to advice website unbiased.co.uk.

While most adults in Britain know exactly who they want to receive their assets when they die, more than a third claim they have not got round to making a will.

Worryingly this means that a large proportion of spouses, partners and children will be left unprotected should anything happen.

So many people are simply unaware that should they die without a will, their assets are distributed according to the rules of intestacy, meaning their assets may not be going to those they would like them to go to.

Married couples or those in civil partnerships, assume that if their spouse or partner were to die then they would automatically inherit the estate. This is not true and can lead to legal complications and family rifts.

Unmarried couples and those not in civil partnerships are at particular risk as the laws of intestacy don’t give the surviving partner any rights to inherit. It is understood that the Government is consulting on a rule change in England and Wales, however no changes are thought to be imminent.

Not having a will could also result in inheritance tax being due before the estate is released. A grieving family may be forced to take out costly loans to release the assets.

Many people may be tempted to take the DIY approach with many high-street shops selling “write your own will” packs for about £10. Yet a badly-made will could land relatives with huge legal fees, dwarfing those charged to draw up a will correctly by a professional.

Will-writing is unregulated in England and Wales and some Will writing companies have very basic training in place for their consultants. When you are considering writing your Will ask your Will writing company these questions:

• Are you regulated? If so, by whom?
• Do you carry Professional Indemnity Insurance
• Are your Will writing consultants professionally trained

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TRAGIC Segway scooter tycoon Jimi Heselden left a fortune of £290million – but NO will, it was revealed yesterday.

The owner of self-balancing scooter company Segway, who died in a tragic accident earlier this year, left behind a fortune of £290 million but never made a will.

According to The Sun, Jimi Heselden’s fortune will be shared between his widow, Julie, and their four children. Half of Mr Heselden’s money will go to his children, while his widow, Julie will receive £250,000 along with his personal belongings and income from the remainder of the fortune.

Previous estimates suggested that Mr Heselden was worth around £160 million, but probate officials have since confirmed that his real value is almost double that amount.

Mr Heselden died in September this year after falling 50ft from a cliff and into the River Wharfe below, near his home in West Yorkshire. It is thought that he had been riding one of Segway’s two-wheeled, self-balancing electric scooters and slipped from a walkway after reversing to let a pedestrian pass.

Shortly after the tragic accident, Leeds City Council chief executive Tom Riordan paid tribute to Mr Heselden and said that his generosity and entrepreneurial spirit had been great assets to the local area.

“Jimi was an amazing man who, apart from being a wonderful success story for Leeds due to his business acumen, was also remarkably selfless and generous, giving millions to local charities to help people in his home city,” Mr Riordan told BBC News in September.

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By NICK MCDERMOTT – Daily Mail
Last updated at 6:58 AM on 15th October 2010

An army major faced his late father’s mistress in court yesterday as they both accused each other of hiding his £500,000 will.

Rowena Ferneley boasted that Charles Napier, who had terminal cancer, told her she was his ‘miracle cure’ in the bedroom, and had promised to leave her ‘virtually everything’.

But Mr Napier’s two children  -  Major Stephen Napier and Catherine Brooks  -  dispute her claims saying their relationship was not ‘sincere’.

They say she got rid of his will so she could claim their inheritance.

However, in dramatic scenes yesterday, Major Napier’s estranged wife, Fiona, backed the mistress.

She told the High Court her husband had found a copy of the will shortly after his death from prostate cancer in which the two children were described as ‘estranged’.

Married Mrs Ferneley, 49, says the document was ‘suppressed’ by the two children to leave her with nothing, despite she and Mr Napier, who died at 65, being the ‘love of each other’s lives.

Asked if she had ever seen a will made by Mr Napier, she said she had not, but added: ‘Charles told me before going into hospital for a hip replacement operation that if he went he would leave everything to me.’

The court heard how the pair planned to set up an organisation to help bereaved children on the Isle of Wight, where Mr Napier had bought a £350,000 cottage. He had a further £150,000 in assets.

Mrs Ferneley said her lover, who died in November 2008, had promised to help her continue the project and provide for her so she could leave her husband.

She added: ‘Charles told me he had cut his children out of his life a long time ago.’ In a further twist, a former girlfriend of Mr Napier’s claimed it would have been impossible for him to have sex with Mrs Ferneley as his condition had left him impotent.

The court heard Mr Napier’s children had hardly seen their father since he divorced their mother Barbara more than 20 years ago.

Mrs Ferneley met him in 2005, but it was another nine months before they became lovers. She claims he later told her he knew from first setting eyes on her ‘that’s the woman I am going to marry’.

According to wills and probate law if the High Court judge rules Mr Napier of Sunbury-on-Thames, Surrey died without leaving a will (known as intestate), his estate will go to his estranged children.

The hearing continues.

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Will you still be around next week? Most of us work on the basis that we will be – which is entirely reasonable. However, over 1,500 people die every day in the UK and sadly an awful lot of them leave chaos behind them.

Statistics show that over 70% of UK residents have either not written a Will or worse in my view, have done so but the Will is worthless because it is either not properly drafted, is out of date, or cannot be found. Which means that all too often grieving relatives are faced with the financial and administrative headaches that come with someone dying intestate – in other words, someone dying without a will.

So while the odds are that you will still be with your family this time next week, it is worth making sure you have a will written – just in case.

Why you need a will

If you die without a will there is a legal framework designed to distribute your estate. However, it might not work quite as you think.

If you die married, but without children, your spouse will receive all your ‘personal chattels’ – car, furniture, stamp collection etc. The rest of your estate (including your house if it’s in your name only) will be split, with your spouse getting a legacy of £450,000 (or whatever there is up to £450,000) and half of whatever’s remaining. The other half goes to your parents, or, if they are dead, is split between your siblings. So if your house is worth more than £450,000 and is solely in your name, your spouse may have to sell it to release value to other claimants.

If you are married with children, then your spouse still gets your personal belongings, plus a legacy of £250,000. They also get lifelong interest on half of the remaining money, which goes into a trust for your children to receive on their 18th birthday. If that is what you wanted, that’s fine. If it isn’t, and you haven’t a will, best make one.

However, there are people who are much more vulnerable than spouses when it comes to intestate law – unmarried long-term partners. If you die leaving a partner behind, the Treasury will treat your estate as though you were single. So your partner will get absolutely nothing. Instead, your estate will go to your children, or if you don’t have kids, to your parents; or (in order of priority) your siblings, half-siblings, grandparents, aunts and uncles. And if you don’t have any family at all, the government will retain the entire estate, regardless of how many years you have lived with your partner, or what your wishes might have been.

There is an excellent and in-depth explanation of the Intestacy Rules on the Citizens Advice website http://www.adviceguide.org.uk

If you have children, then it is vital that you make a will so that you can appoint a guardian to look after them if both their parents die. If you die without doing this, your next of kin will be appointed as their carers. Again, that might be what you want, but it can cause problems if your next of kin are, say, elderly parents. Note too that if you are an unmarried mother with children and die without leaving a will, the children’s birth father will not automatically get custody. So make sure you have a will stating who you want to look after your children in the event of your death.

Once you have done this, don’t forget about it. If your circumstances change (you get divorced or remarried or you have your first child perhaps) you need to update your will. Otherwise your beneficiaries will face the problem of dealing with an out-of-date will.

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