Intestacy
If you die without making a Will your estate will not necessarily pass on to whom you want.
If you die without making a Will your estate will not necessarily pass on to whom you want.
Wills are not just for passing on your estate. They can be used for Inheritance Tax planning, appointing Guardians for children, passing on businesses, protecting assets from care costs etc.
Steps can be taken to protect assets from being sold to pay for long term care fees.
If you have mental incapacity no one (including spouses and close family) has automatic rights to take over your affairs.
If you are a owner of a business will it continue after your death?
How do you reduce the impact of inheritance tax?
Do you and your family know where your Wills are kept?
Do you need help in administering an estate?
If you die without having made a Will you are Intestate. If you have assets in England or Wales, these assets will pass according to the Administration of Estates Act 1925 (the “Act”). Different laws apply in Scotland and Northern Ireland.
The following flowchart explains how your estate would be administered according to the Act if you are married (this includes being legally separated or divorced with a decree nisi but not absolute) or in a civil partnership at the time of your death.
Notes:
* Assets owned as beneficial joint owners pass by survivorship and are in addition to the £250,000 or £450,000.
** “Children” includes illegitimate and adopted children but does not include step children or children adopted out.
*** "Chattels” includes cars, jewellery, furniture, household goods etc.. It does not include cash, property or investments etc..
The following flowchart explains how your estate would be administered according to the Act if you are not married or in a civil partnership at the time of your death.
Note:
* “Children” includes illegitimate and adopted children but does not include step children or children adopted out.
If you don’t want your estate to pass according to the previous flowcharts you must make a Will.