“First I lost my husband – now I have to sue my toddlers”

A Will is a formal document and it should be drawn up by a solicitor and entered into and witnessed properly. People do not like thinking about death and this is perhaps one of the reasons that the majority of people fail to make a Will - but it is something that has to be faced eventually and, naturally, you will want to choose who should inherit your property and assets on your death.

By making a Will, you can ensure that your assets go to those you wish should have them.

Failure to make a Will automatically results in the State dictating, not only who inherits your possessions and assets, but also who is in charge of handling your estate.  The set of rules governing this is known as the ‘intestacy rules’.   

A common failure of the intestacy rules is poignantly highlighted in the case of Taryn Butler, which has grabbed the national media spotlight. 

This tragic case is a stark warning: two days before millionaire businessman, Mark Butler, died after a long battle with cancer, he signed his Will leaving everything to his wife, Taryn. As ill as he was, it consoled him to know that at least she and their two children, Molly, then 3, and Max, only 9 months, would be well provided for.

He wanted them to stay in their £1.5 million house in Notting Hill. He also intended Taryn to profit from a 45 percent share in his successful family business. But due to the fact that Mark’s will had been improperly witnessed, Mark’s last wishes were not honoured.

As a result of this formal defect in the execution of his Will, Mark was declared to have died intestate.

Taryn was advised that the only way in which she could stay in the family home and give her children the upbringing she and her late husband planned was, in effect, to sue them for their inheritance!
 
This is certainly a cautionary tale: the stark truth is that writing a Will is rarely a priority at any age, and particularly among the young. Some mistakenly assume all their assets will automatically go to a partner. They won’t!
 
As a result, a staggering 70 percent of the population in this country fail to make a proper will and are subsequently hit by the draconian intestacy rules.

As the law stands, Taryn, as the deceased’s spouse, would inherit the first £125,000 of Mark’s estate.

The remainder would then be divided in two. Taryn would be entitled to live off the interest of one half of the capital, which would be held in trust for her children until Taryn’s death. The remaining half of the estate would be given to the children when they reached the age of 18.

To make matters worse, the fact that Mark’s children are now the main beneficiaries of his estate means that they will have to pay 40 percent inheritance tax. If Taryn had inherited – as Mark intended – then the estate would have been completely free of inheritance tax.

If only Mark’s Will had been properly prepared, he could have saved his family much heartache and expense at a time when they are most strained and vulnerable.

If ever there is a compelling case to write a Will this must surely be it.