Importance of Will, What Will Happen if There is No Will.

Importance Of Will, What Will Happen If There Is No Will

Importance of Will, What Will Happen if There is No Will.

What Happens If you Die Without a Will? Will is the best way to ensure that your estate passes on in accordance with your wishes. When someone dies without making a will, it’s because of sudden death.

Where there is no will, the estate divides up in accordance with the rules of intestacy. Know what these rules are. The rules give an outcome that’s quite different from the desired one. A will should be made without delay, Accotax guides you through the journey.

 

Married Couples and Civil Partners

 

Married couple and civil partners inherit under the intestacy rules. What happens when they’re together at the time of death?

Spouses and partners are separated but never divorced or dissolved their partnership. They can also inherit under the intestacy rules.

Where there are surviving children, grandchildren, or great-grandchildren and the estate is worth more than £250,000, the partner will inherit:

  • All personal property and belongings of the deceased
  • The first £250,000 of the estate
  • Half of the remaining estate

If there are no surviving children, grandchildren, or great-grandchildren, the partner will inherit all the personal property and belongings of the deceased and the whole of the estate with interest from the date of death.

 

Will for Children

 

If there is no surviving spouse or civil partner, the children will inherit the whole estate. There are two or more children.  Both will inherit equal estate.

There’s always a surviving spouse or civil partner, the children will only inherit if the estate is worth more than £250,000. The children will inherit one half of the estate to the extent that it is worth more than £250,000, divided equally between them.

All the children of the parent inherit equally from the estate, regardless of whether they are from the same or different relationships.

Children receive their inheritance on reaching the age of 18 or marrying or entering a civil partnership if earlier

 

Grandchildren and great-grandchildren

 

Children and great-grandchildren only inherit under the intestacy rules if their parent or grandparent has died before the parent or grandparent. The grandchildren and great-grandchildren inherit the share to which their parent or grandparent would have been entitled.

 

Other close relatives

 

If there is no surviving spouse or civil partner, children, grandchildren or greatgrandchildren, other close relatives may inherit under the intestacy rules. The order in which relatives inherit is as follows:

  • spouse or civil partner
  • children, grandchildren, great-grandchildren
  • parents
  • siblings
  • grandparents
  • uncles and aunts

 

Exclusions

 

The intestacy rules make no provision for partners who are not a couple or in a civil partnership with the dead, regardless of whether they co-habit. Relations by marriage, stepchildren or stepparents, close friends, and carers are also disbar.

 

No surviving relatives

 

If there are no surviving relatives, the estate passes to the Crown under the rules of intestacy. This is known as ‘bona vacantia’.

 

Changing the outcome

 

As long as all the beneficiaries agree, an arrangement can be made which will allow the estate to be divided up other than as provided for under the intestacy rules, allowing someone who is excluded under the intestacy provisions, such as a stepchild, to benefit. This can be achieved by a Deed of Family Arrangement.

A person may also be able to make an application to the court under the Inheritance (Provision for Family and Dependants) Act 1975 if they were dependant on the deceased when they passed away but do not inherit under the intestacy rules, for example, an unmarried partner.

 

Additional note: Administration of Estates Act 1925

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