It’s more frequent than you think to die without a will. In 2019, over 60% of adults in the United Kingdom do not have a Will. If you are among the 60%, when you die, your property, money, and possessions are allocated according to the Rules of Intestacy, a government-established hierarchy. As a result, you have no say in how your estate is allocated. As a result, someone you don’t want to gain from your estate can wind up doing so.
Rules of Intestacy
When there is no Will, the Intestacy Rules determine who can and cannot inherit. The Rules of Intestacy include flaws that are readily obvious in our modern world of partnerships. The fact that they are based on the Law of Descent is the most obvious reason. This does not include partners who are not legally married or in a civil partnership, married relatives (stepchildren, etc. ), or close friends or carers.
Paul, for example, shares a home with his ten-year partner. Paul dies unexpectedly and without leaving a Will. He and his partner never married in a formal civil ceremony. Paul is the father of a grown child from a prior relationship. The child inherits everything in Paul’s estate, including the home his partner still resides in, under the Intestacy Rules. Now, it’s always possible that the child will comprehend Paul’s desire for his spouse to remain in the home they shared. But what if the house is the entire estate and the youngster is in desperate need of funds? In this case, a simple Will could prevent a lot of problems.
What Are the Intestacy Rules?
The Law of Descent is followed by the Rules of Intestacy, as previously stated. But let’s dissect that a little more.
No children, single – In this case, the Intestacy Rules are pretty obvious. The following is the order of inheritance:
Parents and children – A parent can sometimes outlive their child. They are the next in line to inherit in such instances. If both parents are died, the estate goes to…
Siblings – When a sibling dies, the estate is divided among their offspring. If they did not have offspring, the estate will be passed down to…
Half-siblings — If they have passed away, their offspring will inherit. If they do not have offspring, the estate passes to…
Grandparents, Aunts and Uncles, and Half-Aunts and Uncles – Everything belongs to the Crown if you have no live blood relations.
If you are single and have children, your estate is shared equally and transfers to your children when they reach the age of 18 or enter into a valid marriage or civil partnership. This covers children that were lawfully adopted.
If you are married or in a Civil Partnership and have children, your spouse or partner will inherit the first £270,000 of your fortune, plus half of the remainder. When your children reach the age of 18 or enter a legal marriage or civil partnership, half of the money is handed to them.
If you are married or in a Civil Partnership and have no children, your spouse or partner will inherit your whole estate.
When it comes to jointly owned property, there are two conceivable outcomes:
Beneficial joint owners – Regardless of relationship, the property immediately passes to the joint owners upon death.
Tenants in common – This is a term that refers to a group of The Intestacy Rules apply to your portion. Please keep in mind that if you own property with someone with whom you are not officially married or partnered, your shares do not go to them.
Who Is Excluded
You’ll notice that there’s no mention of life partners who aren’t married or in a valid civil partnership, caretakers, close friends, or married relatives in the preceding hierarchy. In culture, relationships and the idea of family have changed, but not the eyes on the law. It is therefore critical to establish a Will in order to provide for and safeguard those you care about. Even if you believe your inheritance is too little to warrant a Will, dying without one can result in unforeseen complications after your death. If you die without a Will, you may not be able to give particular items to specific persons.
Final Thoughts and Wishes
Wills not only specify how your assets should be distributed, but they also include your final desires and thoughts. You could be one of the hundreds of people who have gone through a religious conversion at some point in their lives. To honour your new spiritual path’s traditions, make sure your funeral and last resting place requests are legally recorded. A Will is the only way to ensure that.
Maybe you paid for your funeral in advance but didn’t tell your relatives. By include this information in your Will, you can avoid leaving your loved ones scrambling to pay for funeral fees a second time. Or perhaps you simply want to save money by not having an extravagant funeral and instead leave more money to your family? That information needs to be included in the Will.
As you can see, dying without a Will is a bad circumstance that can be readily rectified. We’re here to help people who are ready to make a Will or just have a few more questions. Please feel free to contact us at any time!