The
law about intestacy (what happens if you die without a will) is changing today, but you may still be surprised to learn who would (and who
wouldn’t) be entitled to inherit if you
don’t leave a will.
If
you are not married to your partner, he or she won’t automatically get anything if you die
without a will, for instance.
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| Image courtesy of FrameAngel at FreeDigitalPhotos.net |
The
key changes to the law are in relation to the estates of married people.
Where
someone is married , but childless, at the date of their death, their surviving
spouse/civil partner will inherit
everything. Under the old rules, the
surviving spouse would get the first £450,000 with anything over that amount
being shared between the spouse, and the deceased spouse’s parents or other
blood relatives.
Where
someone is married with children, the new rules provide for the surviving
spouse / civil partner to receive the first £250,000 of the estate, plus half
of anything over that amount. The remaining assets are then shared equally
between the children, although the do not get the money until they are 18. In
the past, the surviving spouse would get only a life interest (use if income
from the money, but no capital) on their half of the money over £250,000.
In
both cases, this includes a spouse to whom you are married at the time of your
death, even if you were not living together. (They would not inherit once any
divorce has been finalised)
The
new rules also aim to make it clearer what personal items (“Chattels”) go to
the surviving spouse and which have to be sold to form part of the estate to be
shared.
If
you are not married, then there is a ‘pecking order’ showing who will inherit
your estate, with each level only inheriting if you leave no one who is a
member of the previous group.
1.
Children or their descendants
2.
Parents
3.
Brothers or sisters or their descendants
4.
Half siblings or their descendants
5.
Grandparents
6.
Uncles and/or aunts or their descendants
7.
Half uncles and/or aunts or their descendants
8.
Whole estate passes to the crown
For many of
us, and particularly for those who live together but are not married, the
intestacy rules are very different to the way that we would want our assets to
be shared out after we die, so it is very important to make a will to ensure
that your assets go to the people who you want to have them.
Research
suggests that almost 60% of adults in this country don’t have a will, yet it is
one of the most important things you can do to ensure that you loved ones are
secure, and that your assets and property is given to the people you want to
have it, when you are gone. Like buying life insurance, it need not be
expensive or complicated, but can mean
the world to your family when you are gone.
Why not contact
one of our friendly, expert advisers to discuss your wishes?
Darrell Collins and Susan Haines are based at our Midsomer Norton Office and also cover
Keynsham, James Hollis and Naomi Hill are based at our Frome Office. Call or
e-mail to make an appointment.
We can talk
you through your options and advise you on how best to ensure that things are
dealt with as you wish.
Making a will
also allows you to control how money is used for the benefit of your children
or other dependants, including how it can be used for their support, if they
are still under 18. We can also advise you about how to manage potential tax
liabilities, and the risks of becoming too ill to manage your own affairs.