It’s more frequent than you might imagine to die without a Will. Approximately 60% of adults in the United Kingdom do not have a Will as of 2019. If you are among the 60%, your property, money, and belongings will be allocated according to the Rules of Intestacy, a government-established hierarchy, after you die. This implies that you have no say in how your assets are dispersed. As a result, someone you don’t want to gain from your estate could wind up doing so.
Rules of Intestacy
When there is no Will, the rules of intestacy determine who can and cannot inherit. In today’s world of modern relationships, there are issues with the Rules of Intestacy. They are predicated on the Law of Descent, for starters. This excludes partners who are not legally married or in a civil partnership, married relatives (stepchildren, for example), and any close friends or carers.
Paul, for example, owns a home with his ten-year-long spouse. Paul unexpectedly dies without leaving a Will. He and his partner never married legally. From a previous relationship, Paul has one adult child. The child inherits everything in Paul’s estate, including the home his partner currently resides in, according to the Rules of Intestacy. Now, it’s always feasible that the child will comprehend Paul’s desire for his spouse to remain in their shared home. But what if the house is the entire estate and the child requires financial assistance? In this case, a simple Will could prevent many issues.
What Are the Intestacy Laws and How Do They Work?
The Rules of Intestacy are based on the Law of Descent, as previously stated. But let’s take a closer look at that.
I’m not married and I don’t have any kids – In this scenario, the Intestacy Rules are crystal apparent. The following is the inheritance hierarchy:
– A parent’s child may outlive him or her. They are the next in line for inheritance in such situations. If all of the parents have died, the inheritance will be passed on to…
Siblings – When a sibling passes away, the estate is divided among the siblings’ offspring. If they had no children, the inheritance is passed on to…
Half-siblings — If both parents have died, their offspring inherit. If they don’t have children, the inheritance will be passed down to.
Aunts/Uncles, Half-Aunts/Uncles- Everything goes to the Crown if you don’t have any living blood relatives.
When you reach 18 or form a lawful marriage or civil partnership, your whole inheritance is shared equally and passes to your children. Adopted children are included in this.
If you are married or in a Civil Partnership and have children, your spouse or partner will inherit half of your fortune after the first £270,000. When you reach the age of 18 or enter a lawful marriage or civil partnership, you can give half of your estate to your children.
If you are married or in a civil partnership and have no children, your inheritance is divided equally between your spouse and your partner.
There are two conceivable outcomes in the case of jointly owned property:
Beneficial joint owners – Regardless of relationship, the property immediately passes to the beneficial joint owner upon death.
Common-law tenants – The Rules of Intestacy apply to your portion. Please keep in mind that if you own property with someone you aren’t legally married to, your shares do not go to them.
Who is Excluded from Participation
You’ll notice that life partners who aren’t married or in a valid civil partnership, caretakers, close friends, and married relatives aren’t mentioned in the above ranking. Society has changed in terms of relationships and the idea of family, but not in terms of the law. Making a Will is so essential for providing for and protecting those you care about. Even if you believe your estate is too little to necessitate a Will, failing to do so can result in unforeseen complications after your death. If you die without a Will, you may not be able to have specified items distributed to specific people.
Lasting Thoughts and Wishes
Wills contain both your final desires and considerations, as well as instructions for dividing your estate. You could be one of the thousands of people who have converted to Christianity at some point in their lives. To honour your new spiritual path’s traditions, make sure your burial and ultimate resting place wishes are legally documented. A Will is the only way to ensure this.
Perhaps you paid for your funeral in advance but didn’t inform your relatives. By include that information in your Will, you can avoid leaving your loved ones scurrying to pay for funeral expenses a second time. Or perhaps you simply want to save money for your family by forgoing an expensive funeral? This data should be included in the Will.
As you can see, dying without a Will is a circumstance that can be readily remedied. We are here to help people who are ready to make a Will or have a few more questions. Please get in touch with us whenever you want!