“My husband / wife will inherit everything when I die whether I make a Will or not” is often heard by financial planners, but is it true?

The answer is yes if there are no children, but no if there are. Since the 6th of February 2020, when the rules were last changed, the surviving spouse (or Civil Partner) would receive the first £270,000 and half of the balance, with the remaining share going to the children (at age 18).

With effect from the 23rd of July 2023 the “Statutory Legacy” increased from £270,000 to £322,000.

Property

It is not uncommon, particularly in second or subsequent marriages, for the property to be in the name of one party. With average UK property prices being £285,000 (ONS, March 2023), this doesn’t leave much room for savings and investments to be inherited.

Inheritance at 18?

There is also the issue of whether you want children to inherit at 18. What would the 18-year-old you, have done with an inheritance at age 18? Is it the same as you would have done at age 21 or 25?

It’s only with a Will that you can ensure your wishes can be implemented without leaving it to chance.