No Will? What this means to you and your family – July 2014
July 29, 2014
If someone dies without leaving a valid will, he or she is said to have died intestate. Their estate will be distributed in accordance with the Rules of Intestacy. According to a survey by Will Aid in 2012 approximately 60 per cent of people in England and Wales die intestate.
By not leaving a will, your assets may not go to the people you expected or wanted it to. This can cause problems and financial worries for your loved ones, especially if you have dependants.
Did you know that if you do not have a will, your surviving spouse may not inherit the whole of your estate?
If your estate is £250,000 or under your spouse or civil partner is entitled to your entire estate. If you are married with children any assets above £250,000 is divided equally between your spouse and your children. Your spouse is only entitled to the income generated from their half and upon their death their half share is passed to the children absolutely.
If you are not married and the property is in the sole name of your partner, potentially you will have no rights to remain in the property.
In order to protect your wishes, it is important to make a will. If you have a will you should periodically review it to ensure that it still reflects your wishes and it’s still applicable to your circumstances.
If you wish to discuss making wills, please telephone Beth King on 020 8313 1300 020 8313 1300 at our Bromley office or email her at email@example.com for a free no obligation meeting.
The information contained in this article is intended for general guidance only. It provides useful information but it is not a substitute for obtaining legal advice as the articles do not take into account specific circumstances. So do please Contact US for legal advice on the issues raised.