We advise all our clients to have a will and keep it up-to-date. That\u2019s because if you don\u2019t, the consequences can be terrible for your loved ones. Let\u2019s find out more.<\/p>\n
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\u2019ve got any opinions at all over who should receive what after you\u2019ve one, a will is the only legally-binding way to ensure it happens.<\/p>\n
However, I\u2019m always surprised by how many people I encounter who don\u2019t have a will in place. Sometimes it\u2019s because they haven\u2019t got around to it yet, or they don\u2019t 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.<\/p>\n
In this article, I\u2019ll explain what happens if you pass away without making a will. You\u2019ll 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.<\/p>\n
When someone passes away without a valid will in place, the legal term is that they\u2019ve died intestate. In this situation, the way their estate is divided is calculated following the rules of intestacy.<\/p>\n
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.<\/p>\n
Here is what happens if an inheritance follows intestacy rules:<\/p>\n
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.<\/p>\n
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\u2019re joint tenants, the other owner automatically inherits your share. If you\u2019re tenants in common, your share of the property becomes part of your estate and is dealt with by the intestacy rules.<\/p>\n
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.<\/p>\n
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\u2019s entirely up to you. However, if you die intestate, those people will likely receive nothing.<\/p>\n
While there are ways to create a will yourself, it\u2019s 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.<\/p>\n
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\/<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div> The articles published on the website are intended to be for general information purposes only. These articles do not constitute legal advice, nor should they be used as a complete or authoritative statement of the law in England and Wales and should not be treated as such. Whilst every effort is made to ensure that the information is correct, no warranty, either express or implied, is given as to their accuracy, and no liability is accepted for any errors or omissions. Before acting on any of the information contained in any of these articles, expert advice should be sought.<\/p>\n<\/div> Sign up with your email address to receive news and updates. <\/p> Legal disclaimer<\/h4>\n
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