What every 40-year-old should know about wills

What every 40-year-old should know about wills

FT Adviser reports “When a person dies in England and Wales without leaving a valid Will, the order in which their estate passes is governed by the rules of intestacy.  Unfortunately, these were set out in the Administration of Estates Act 1925, which is not particularly helpful in today’s society as unmarried partners do not inherit under the rules.

According to the Office of National Statistics, the number of cohabiting couple families continues to grow faster than married couples, increasing by 25.8 per cent from 2008 to 2018.”  “A government report in January 2020 revealed that the number of children in care was at its highest for 10 years.

Without a will, your children risk being placed into care if you and everyone else with ‘Parental Responsibility’ dies while they are under the age of 18. Parental Responsibility is not always automatic and is defined by statute.”  Read the full article here 

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