26 Apr Do I Need a Will?
If I don’t write a Will…what happens?
If you die without a Will, then the rules of intestacy govern how your estate is shared out. When you pass away without a Will, this is known as dying “intestate’.
Most people tend to put off writing a Will, but unfortunately, some people will die before they ever get the chance to do so.
So, what are the rules of intestacy?
Simply put the rules of intestacy are a set of laws in England and Wales. They clearly state how someone’s estate will be dealt with, if they die without a valid will.
If I don’t have a Will, who will get what?
Scenario 1 – Married or in a civil partnership (without children)
The surviving partner will inherit the entirety of the estate. It’s worth noting that stepchildren will not typically inherit anything under the rules of intestacy.
Scenario 2 – Married or in a civil partnership (with children)
The surviving partner will inherit the estate up to the amount of £270,000. If the estate is worth more than £270,000, the partner also inherits half of everything over this value. The remainder of the estate is then shared equally between the deceased’s person’s children.
Scenario 3 – Unmarried (with children or grandchildren)
The estate will be shared equally between the children. Please note again that this will not include any step-children. If, for example, any of the children have already passed away, then grandchildren or even great-grandchildren are able to inherit their parent’s share.
Scenario 4 – Unmarried (without children)
The estate will be inherited by the deceased’s parties relatives in the following order of priority:
- Brothers and sisters
- Half–brothers and half–sisters
- Aunts and uncles
- Children of aunts and uncles (cousins)