More than half of UK adults currently do not have a Will in place. In this blog article, our experts are going to explain what happens if you die without making a Will.
Many people believe that should they die without making a Will, their money, property and other assets will automatically go to their spouse and children.
However, this is not the case!
Should you die without making a Will, your estate will be handled in accordance with the laws of intestacy. The laws of intestacy set out a hierarchy of distribution of an estate where a person dies without making a Will.
Under the rules of intestacy, only married or civil partners and other close relatives can inherit the estate. This means that any unmarried couples, same-sex couples not in a civil partnership, those who have recently divorced, no longer in a civil partnership, any relations by marriage (stepchildren) or cohabitees are not automatically entitled to inherit anything from the deceased’s estate.
On top of that, couples who are separated but still not divorced or divorce proceedings have not been completed, could see their ex-partner still inherit.
Below our experts will explain what happens if you die without making a Will and have to rely on the various intestacy rules:
Surviving spouse but no children
When there is a surviving spouse but no children, the spouse inherits everything.
Surviving spouse and children
When there is a surviving spouse and children, the spouse of the deceased will receive everything up to the value of £250,000 including personal possessions. Anything above this figure will be divided in two, with half going to the spouse and the children will receive the other half when they reach the age of 18.
Children but no partner
If there are children but no married or civil partner, the children will inherit everything, and the estate will be divided equally between them. However, this does not include any stepchildren.
No partner and no children
In this situation, the estate will be given to the deceased’s parents. If the parents are also deceased then the estate will be allocated in the following order.
- Brothers and sisters (or nephews and nieces if the sibling have died)
- Grandparents
- Uncles and aunts (or cousins if the uncle or aunt have died)
- Without any of the above, the estate will go to the Crown
What happens to joint assets?
If the home is jointly owned, the deceased’s share will automatically pass to the surviving partner by way of survivorship. This is also the case for joint bank accounts or building society accounts.
However, If the home is owned as tenants in common, the survivor isn’t automatically entitled to inherit the share of the property and therefore the deceased’s share will pass in accordance with the laws of intestacy.
How can we help?
Making a Will is one of the most important things you can do because it allows you to decide how your assets will be distributed and to whom on your death.
There is a common misconception that you only need to make a Will when you are older which simply is not the case.
We have a dedicated team of solicitors ready to provide you with impartial advice and guide you through the process of planning your legacy.
To learn more about what happens if you die without a Will or to book a consultation for any of our estate planning services, please contact us on 0115 824 1700.