Intestacy

As many as 7 out of 10 people do not have a Will, meaning that they are intestate.

“My wife / husband will get everything”
 - probably not

“My partner will get something”
 - only assets that are Jointly owned

“My young kids will be taken care of”
 - yes, but by who?

If you die without a Will  the Government has already made a Will for you (the rules of intestacy), but that might not be what you expect:-

 

• All jointly held assets will automatically pass to the survivor (unless a jointly owned house is held as Tenants in Common)
• If you are legally married or in civil partnership)with children
• Your spouse receives first £250,000, plus half the remainder
• Your children receive the other half of the remainder
• If you are legally married or in civil partnership with NO children
• Your spouse receives everything
• If you are not married nor in civil partnership, then your blood relatives inherit in the following order of priority (while a common-law partner receives nothing)
• Your issue (children, grandchildren etc)
• Your parents
• Your brothers and sisters (whole blood), or their issue
• Your brothers and sisters (half blood), or their issue
• Your grandparents
• Your uncles and aunts (whole blood), or their issue
• Your uncles and aunts (half blood), or their issue
• If you have no surviving relatives, all of your estate passes on your death to the Crown (or Duchy of Lancaster or Duke of Cornwall)

 

Generally only if someone is financially dependent on you can they challenge these rules in court, with all the expense and worry that is involved.