Intestacy No Will!
Do not Die without a Will!
If you die without a Will you are said to be “Intestate” and the default rules apply. Things don’t always work out as you might expect:-
- “My wife / husband will get everything” - Probably Not
- “My partner will get something” - Only Assets that are Jointly owned
- “My young kids will be taken care of” - Yes, but by whom?
The following guidelines show you the current rules - how they would apply to your situation when you pass away, who knows? The best way to be sure of what will happen is to make a Will, but if you don’t the following will apply:-
- All Jointly held assets will automatically pass to the survivor (unless a jointly owned house is held as Tenants in Common)
- If you are legally married with children
If you are legally married with no children
- spouse receives first £250,000, plus a ‘life interest’ in half the remainder
- children receive the remainder
Not married, then blood relatives of the deceased inherit in the following priority (common-law partner receives nothing)
- spouse receives first £400,000, plus half the remainder
- parents (or their issue) receive the remainder
- Issue (children, grandchildren etc)
- Brothers and sisters (whole blood), or their issue
- Brothers and sisters (half blood), or their issue
- Uncles and aunts (whole blood), or their issue
- Uncles and aunts (half blood), or their issue
- No surviving relatives, all goes to the Crown (or Duchy of Lancaster or Duke of Cornwall)
A ‘life interest’ means that the person has a right to use the assets (such as a right to live in the house, or a right to the income from the capital) - but they cannot spend the assets nor leave them to someone in their own Will.
Only if someone is financially dependent upon you can they challenge these rules, in court with all the expense and worry that involves.
Peter Hoare recommends you make a Will it is not as expensive as you may think.
CALL Peter Hoare now on 01276 415 811 for Free Consultation.