Who will inherit if there is no Will?
If you pass away without a Will, a procedure called the ‘rules of intestacy’ applies. This divides up your estate according to a set of criteria which may or may not match your wishes. If you are married or in a civil partnership, you may be surprised to learn that your spouse might not receive all of your estate automatically. Let’s take a look in more depth.
If you have no Will, and have a spouse and children
If you do not have a Will and you are still legally married or in a civil partnership, it may be that not all of your estate goes to your spouse. Even if you are informally separated, a partner can still inherit under the rules of intestacy. In the case of those who are co-habiting without being legally married or in a civil partnership, the partner cannot inherit.
If your estate is valued at over £270,000, and there are also surviving children, grandchildren or great grandchildren, your spouse will only inherit a portion of the estate. Let’s look at an example.
Patrick is married to Sally and they have a daughter called Mia. Patrick dies without leaving a Will, and his estate is worth £500,000. In this case, Sally will inherit:
- All Patrick’s personal property and belongings (collectibles, shares, etc)
- The first 270,000 of his estate
- Half the remainder of the estate (in this case half of £230,000, which is £115,000)
Mia will then inherit the other half of the remaining estate – the other £115,000. She will only receive this share upon reaching her 18th birthday, however. Until then, trustees will manage the inheritance on her behalf.
If there are two or more children, the £115,000 from this example would be split evenly between them.
If you have a jointly owned home
There are two different ways of jointly owning your home. If the partners are joint tenants when one of them dies, the surviving partner will automatically inherit the other partner’s share of the property. The deceased cannot give away a share of the property in a Will.
If the partners are tenants in common, both of them own a specific share of its value. The survivor does not therefore automatically inherit the deceased’s share.
If you want to ensure your affairs are in order and that your wishes will be carried out upon your death, the best course of action is to make a Will. Expert Kent tax advisors can help with the estate planning side of things, calculating the value of your assets and providing administrative services. If, when the time comes, you need to apply for a Grant of Probate, a Kent accountant for probate services can help with that too, helping to take some of the burden from your shoulders during a difficult time.