Intestacy and the importance of preparing a Will

January of this year saw the death of David Gold, millionaire businessman and co-chairman of West Ham United. Following his passing, it is understood that he had died ‘intestate’, meaning Mr Gold died without making a valid Will during his lifetime to state who he wanted to inherit his estimated £125m fortune.

Regardless of any wishes you may have expressed during your lifetime, if you die without a Will the same intestacy rules apply to everyone and dictate who inherits from your estate. Only married or civil partners and close blood relatives, such as children, will inherit under these rules. Partners who are merely cohabiting (even if they have been in a long-term relationship) are not recognised. In the case of Mr Gold, his fiancée of 15 years will be entitled to nothing and his estate will instead pass to his children. It is therefore often the case that the intestacy rules mean an estate is not distributed as the deceased may have wanted.

Writing a Will is the best way to show who you want your money, property and possessions to go to after your death. It can also reassure your loved ones and anyone dependant on you that they will be looked after as far as possible when you are no longer here. Additionally, the existence of a Will makes the distribution of your estate simpler for your family and friends and can avoid potential disagreements at an already difficult time.

Whilst there are very few of us that have estates as large as Mr Gold, and many will feel their affairs are relatively straightforward in comparison, this case shows just how important it is to make a Will to ensure that your estate is distributed in line with your true intentions and wishes.

If you are considering making a Will or require the Estate of a friend or relative administering, contact Williamsons Solicitors today on 01482 323697 and we will be happy to help.