Intestacy – Do you know WHO will receive your assets if you die without having a valid Will in place?
It’s a misconception that Wills are just for the rich, the elderly or those with young children. No matter how much or little you have, if you die without a valid Will in place, your estate will pass in accordance with the Rules of Intestacy… and the chances are, it’s probably not exactly who you’d want to get them!
The Rules of Intestacy set out who is entitled to inherit from your estate if you do not leave a valid Will. The rules differ slightly based on different UK jurisdiction, but here’s an insight into the laws in England & Wales….…
If you die without a Will and have a surviving spouse or civil partner:
• If you have no surviving children or other relatives: everything passes to your spouse or civil partner.
• If you have surviving children: your spouse or civil partner receives the chattels (possessions), a legacy of £270,000 and half of what’s left. Your children will be entitled to the other half.
• If you have no children or grandchildren: your surviving spouse or civil partner inherits the whole estate.
The rules are set in stone and those little gifts or legacies you might have wanted to make such as your jewellery to your sister, your sports trophies to your younger brother, or sum of money to your grandchildren WON’T happen.
If YOU want to decide WHO gets WHAT rather than the state make a Will TODAY!
It’s never too early but often too late.
Call now to arrange a no-obligation appointment
