What if I Don’t Make a Will?
The Consequences of Dying Without a Will
Every year hundreds of thousands of people have their bereavement compounded by the fact that their loved ones left no clear instructions on how their Estate should be dealt with in the event of their death. Making a Will is quite simply the most selfless thing a person can do. Regardless of the size of the Estate dealing with a person’s passing where there is no Will creates much distress on both an emotional and financial level. Additionally, if a person dies without a Will, the partner does not inherit the Estate automatically. Instead, the Rules of Intestacy are applied.
Furthermore, without the existence of a valid Will the family home could well be at risk.People’s homes are usually very dear to them and it is often the main asset passed down to their children. However, in many cases nowadays, the home is used quite simply and legally as the main disposable asset to pay for nursing home fees. In 2012 over 70,000 homes were taken to pay for long term care. With careful Estate planning and asset protection measures this can be avoided. Here at Abbey Legal we are able to assist our clients who may potentially be faced with this type of problem, and to help them to ensure that the family home actually remains in the Testators hands, to pass on to their loved ones.
Rules of Intestacy – Who Inherits?
When a person dies without having made a valid Will their Estate is divided according to the rules of intestacy. These are a set of rules laid down by the Government that take into account the deceased person’s circumstances such as whether they are married/in a civil partnership and if they have any children.
Answer the questions below to find out how an Estate will be divided.