Prince’s Death is a Timely Reminder of the Importance of Writing a Will
Prince’s Death is a Timely Reminder of the Importance of Writing a Will
Prince had a hit in 1984 with I Would Die 4 U – but this may have been the last time the R&B superstar considered his mortality, because he died without writing a will. In probate documents filed with the Carver County District Court in Minnesota, Tyka Nelson, Prince’s sister, said that her brother died without a spouse, children or surviving parents, and that “I do not know of the existence of a will.” His surviving relatives are now left with the nightmare of resolving his financial affairs.
Study suggests growing apathy about making a will
Recent research indicates that a fifth of British people don't even consider making a will until they see their first grey hairs. The study found that those under 40 “just don’t see the need” for a will – and also discovered that people under 30 are “clueless” about the role of executors and about what probate means. More than three-quarters did not understand what dying ‘intestate’ means, and the consequences of doing so for loved ones.
Common reasons for not drawing up a will included having “nothing to bequeath”, and being “too busy”.
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Sharp rise for intestate queries
Citizens Advice says that the number of enquiries about people who have died without making a will has more than doubled in the past five years. The charity says it had 1,522 such queries in 2011, rising to 3,747 in 2015, along with an increase in queries about problems executing wills.
A YouGov survey indicates that nearly two thirds of the British adult population do not have a will. Its survey of 1,794 adults found that only 38% of the public in England and Wales had a will in 2015 – although this was up from 35% in 2014.
What happens if someone dies without a will?
If a person dies intestate, rules dictate how their money, property or possessions should be allocated – and potentially not in the way the deceased would have liked.
Unmarried partners and partners who have not registered a civil partnership cannot inherit from one other unless a will was drawn up, and if there are no surviving relatives who can inherit under the rules of intestacy, the estate passes to the Crown. However, specific rules can vary across the United Kingdom.
Wills, trusts and probate partner and expert at IBB Solicitors, Jacqueline Almond commented:
"As more people live together before getting married and more children are born out of wedlock it is even more important to have a valid will. The law does not recognise so-called “common law spouses” meaning that they are not provided for under the intestacy rules. This can lead to a surviving parent having to make a claim against their children if provision has not been made for them".
Jonathan Smithers of the Law Society, which represents solicitors in England and Wales, has said it is important for people to make a will, especially those with children or property or financial investments. "A will helps to ensure that your assets are divided among the family, friends and charities of your choice, and can help you manage the amount of inheritance tax you pay," he said.
Caution needed about DIY wills
It is reckoned that poorly drafted or ineffective DIY wills are to blame for a prolonged probate ordeal for 38,000 families a year. Nick Hill, an expert with the Money Advice Service, points out that “You could scribble your will on a piece of scrap paper, and as long as it was properly signed and witnessed it should be legally binding . . . [but] Using the wrong wording could mean that your instructions aren’t followed, or even that your will isn’t valid."
When making a will, it's vitally important that executors are responsible people who can be trusted and who know where to find the necessary documents. A will should also be signed at the solicitor’s office: this ensures that there is an official record of the execution of the document and that it was done correctly. This is particularly important if family members are likely to become embroiled in disagreement after death.
If you have got around to making a will, you should also make a lasting power of attorney, enabling someone to make legally binding financial decisions on your behalf in the event of your mental incapacity.
Joe Levenson, director of communications for the Dying Matters Coalition, has said that people need to talk more candidly about dying: “Planning ahead, including making a will, can help us to get our wishes met and spare the people we care about from dealing with the fallout if we haven’t got our affairs in order,” he says.
Expert advice on wills, trusts and probate matters
Wills, Trusts and Probate (Tax and estate planning, Lasting Powers of Attorney, Trust administration, wills disputes, Financial planning services) For advice on issues relating to wills, trusts, probate and tax and estate planning, contact our expert solicitors on 01494 790002. Alternatively, email us at estatemanagement@ibblaw.co.uk or complete our online form.
