What happens if you pass away without making a will?

We advise all our clients to have a will and keep it up-to-date. That’s because if you don’t, the consequences can be terrible for your loved ones. Let’s find out more.

The great thing about having a will is that it puts you in control over what happens to your assets after you pass away. If you’ve got any opinions at all over who should receive what after you’ve one, a will is the only legally-binding way to ensure it happens.

However, I’m always surprised by how many people I encounter who don’t have a will in place. Sometimes it’s because they haven’t got around to it yet, or they don’t think they have enough assets in their possession to make it worthwhile. But whatever the reason, I always advise them to get a will drawn up straight away.

In this article, I’ll explain what happens if you pass away without making a will. You’ll see how it has the potential to cut out some of the people most dear to you – and cause heartache at an already stressful time.

What is intestacy?

When someone passes away without a valid will in place, the legal term is that they’ve died intestate. In this situation, the way their estate is divided is calculated following the rules of intestacy.

The rules of intestacy in England and Wales, last updated in 2014, distribute your assets following a fixed sequence of procedures. Any intentions you may have verbally set out while you were alive will be ignored.

Here is what happens if an inheritance follows intestacy rules:

• For an estate that is worth more than £270,000, the deceased’s spouse or civil partner receives all personal property, the first £270,000 of the estate and half of everything on top of that
• The other half of the excess goes to the deceased’s biological (or legally adopted) children (or grandchildren if the children are no longer alive)
• If the estate is valued at less than £270,000, the children and grandchildren receive nothing
• If there is no spouse or civil partner, the children inherit the entire estate, regardless of its value
• If there are no surviving relatives, the estate becomes property of the Crown, administered by the government. This is called bona vacantia

Further intestacy rules

There are other considerations addressed by the rules of intestacy. For example, if you have a joint bank account but pass away with detailing what you want to happen in a will, it will automatically pass to the other account holder.

If you own property or land with another person, how it is dealt with depends on how you are listed on the ownership documents. If you’re joint tenants, the other owner automatically inherits your share. If you’re tenants in common, your share of the property becomes part of your estate and is dealt with by the intestacy rules.

Another point that needs emphasising is that only your biological (or legally adopted) children are allowed to inherit under intestacy rules. If you have step-children, they do not automatically stand to benefit from your estate when you pass away.

If you don’t have a will, make one

When you have a will in place, you avoid the strict rules and regulations of intestacy, and you can decide exactly how you want your assets to be distributed after you pass away. You can leave assets to anyone you choose, from children to step-children, from friends to carers to charities. It’s entirely up to you. However, if you die intestate, those people will likely receive nothing.

While there are ways to create a will yourself, it’s always best to make it with an experienced solicitor. A solicitor will help you create a legally binding will in clear language, avoiding ambiguities that could lead to arguments further down the road.

Why leave things to chance? Talk to us about making a will today. Contact us for an initial no cost consultation https://bandlsolicitors.co.uk/contact-us/