MCP Solicitors News
What Happens If You Die Without Leaving A Will?
Many people are under the impression that when they die their Estate (comprising money, property and possessions) will pass to their loved ones. However, this is not always the case. If you die without having made a Will your Estate is divided according to Intestacy Rules, which changed on 1st February 2009.
If Intestacy Rules apply then your Estate could go to people who you might not wish to benefit; trusts may have to be set up and there may be more inheritance tax to pay, which perhaps could have been avoided. More importantly, your home may need to be sold in order to pay the benficiaries.
What happens if you are single (unmarried or widowed)?
Your Estate will be shared equally between your children. If you have no children it will pass to your parents, but failing them then to your siblings or failing them then to their children. If you do not have these relatives then your Estate will pass to more distant relatives or to the Crown/The Duchy of Lancaster/The Duchy of Cornwall.
What happens if you are in a relationship but not married?
This is the situation where we strongly recommend that a Will is put in place in order to protect your partner. If you are in an unmarried relationship and die without a Will then you are treated as if you are single, so the above rules will apply.
What happens if you are married/in a civil partnership?
If your Estate is worth less than £250,000 your spouse/civil partner will inherit everything. If it is worth more and you have children (from any relationship) your spouse/civil partner will inherit your "goods and chattels" and the first £250,000 and be entitled to a life interest in half the remainder. Your children (on attaining majority) will share the remainder and later on the capital from the first half when the life interest terminates.
If you have no children your spouse/cifil partner will get the first £400,000 and half of the remainder. The rest will go to your parents, but if they have predeceased then to your siblings or if they have died before you then to their children.
In conclusion
It is advisable to make a Will so as to ensure that your wishes are known and that the people close to you benefit from your Estate. If you die Intestate (i.e. without a Will) your family will be bound by the Rules of Intestacy which, as already explained, may not have been what you wanted.
For more information please contact Paul Hendriks
