What happens to your assets if you die without a valid Will? Your estate is divided according to a one-size-fits-all formula decided by our government. This formula is called the Rules of Intestacy. What are the chances the formula will deal with your estate and family exactly how you would have wanted?
The formula works its way through a list of potential beneficiaries. It starts with whether you have a spouse. Have you separated from your spouse but not divorced? They are automatically entitled to part of your estate under the formula. Yes, even if you separated years ago. The formula then considers children. If you don’t have a spouse or children then it works through a selection of family members. If none of those family members apply in your situation, then want to guess where your estate goes? The government.
If this isn’t how you want your estate dealt with, then you need a Will.
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