In this post we are focussing on the issue of dying without a Will if you’re married. Dying without a Will is technically called intestacy. Intestacy are the rules that are set down by the government, which says, who will inherit what you leave behind if you haven’t made a Will. Quite often, people assume that if they die without a Will, their wife or husband will receive everything. It’s one of the most common excuses for not making a Will. But sadly, that’s not true. If you die without a Will and you have children, your wife or husband is entitled to the first £250,000 of your estate and half of the balance. With property prices being as they are these days, quite often the first £250,000 of the estate doesn’t even cover the property share. You can get situations where mothers are taking action against their children to free up assets to bring the children up. It’s a bizarre situation, but it doesn’t work.
If you own a property and your property’s worth more than £250,000, the intestacy laws are pretty much guaranteed to not work for you. So you need to make a Will. Dying without a Will, is one of the most difficult things you can do because it leaves your family in a mess.
A Will is a simple document that tells everybody what they should have and makes the administration of the estate simple. Without a Will it’s not even clear who should administer the estate and what they should do with the assets. Don’t die intestate, make a Will.
Hopefully that was useful for you. If you want to find out more about the issues raised in this video, please contact us via the chat box on this website, or call us on 01778 752 861, please get in touch.