Right then: pay attention. We’ll start with a quick test.
Which of the following correctly defines ‘intestate’?
- an American motorway
- part of your stomach
- how you describe someone who dies without a will
The answer is (c). You knew that. And if you chose anything else, then we (politely) suggest that you have more faith in our editorial talents.
An American motorway is of course an interstate. The only connection with ‘intestate’ is that both may be directions you wouldn’t want to take.
The part of your anatomy we tried to confuse you with is your intestine. And your stomach has little in common with intestacy, except to say that it isn’t good for either of them to grow too much.
Intestacy – a growing problem
Here are two facts for you. First, around two thirds of the hundreds of thousands of people who die each year in the UK leave no will. And secondly, for the last few years, the mortality rate in this country has been rising.
So it should be no surprise that the BBC recently reported a steady increase in the number of inquiries about people who had died without a will. No surprise, as we said, but something of a worry.
Judging by the amount of advertising in both static and broadcast media lately, it would appear that solicitors, will-writers, tax advisors and other professionals are jumping up and down about this: partly with concern at the numbers of people who have not planned effectively for their own death; and partly, no doubt, at the untapped opportunity for exercising their professional skills.
It’s possible that one reason for the increase in inquiries about intestacy is that more people are choosing to administer estates themselves – and therefore need support – rather than hand over administration to professionals and pay a potentially substantial fee. But even allowing for that, we can’t ignore the fact that far too many people die without making a will.
No will = No control
All the professionals are saying it – and they’re all absolutely right. We should all make wills, for all sorts of reasons. From the many positive benefits, like ensuring that your assets pass to who you want in the way you want, to avoiding many pitfalls – such as trying to arrange it so that as little as possible goes to the tax man. You can read all about it at Simplify Wills.
And it doesn’t have to cost you anything. Really. See why, and start your will today.