If you die without making a Will in the UK, the state will decide who gets what and how much, so those who you would want to benefit may get far less than you hoped.
Your estate (your property and all belongings) are frozen and become subject to the law of intestacy. You are said to have died 'intestate', meaning everything you own will be valued, tax paid at 40% if worth more than ?275,000 (as at August 2005) and then shared out to your surviving spouse or relatives or given to the state if you don't have any.
The problem with this is that neither you or your family will have any say in the matter if you didn't make a Will. The beneficiaries and the share they receive will be decided by the state and the whole process can takes months or even years because you didn't take the time to make a Will.
Whilst the law and complete strangers decide how your belongings are shared, your surviving spouse or partner has all the usual household and living expenses to pay. If you are the main breadwinner they will probably be on a reduced income. Your surviving spouse or partner may not have access to money, she or he would normally have a right to if you had made a Will, because the assets could be frozen until all the formalities have been sorted out. If you have got a valid Last Will and testament it should take no longer than three months to complete the legal process and release your assets to the people who you chose.
So Who Gets What if You Die Without Making a Will?
When someone dies without making a Will or Last Will and Testament, their estate (all their property and belongings) are distributed according to the law of intestacy. This is where, in effect, the state writes your Will for you and is most likely not to meet your wishes. The following outlines the basic rules that decides who gets what:
If you are married at the time of your death
Your spouse will get everything if you left less than ?125,000. If more than ?125,000 is left but you leave no children, parents or siblings, then your spouse will still get everything.
If you are married with children at the time of your death
If you die leaving a spouse and children, then your spouse will get the first ?125,000 and your personal effects. The remainder is divided as follows: your spouse gets a life interest in half and the other half is divided between your children. A life interest means that your spouse is entitled to the income on that half for their lifetime and on their death it will automatically pass to your children.
If you are married without children but have parents or siblings
If you die with no children, but have surviving parents or siblings, then your spouse gets the first ?200,000 plus personal effects and the remainder is divided two ways. Your spouse will get half and the other half goes to your parents. If your parents have pre-deceased you, this share is divided between your siblings.
If you are not married at the time of you death
Notes:
When using the term 'children' this includes illegitimate and adopted children but not step-children (unless legally adopted). Joint property generally passes to the surviving joint owner.
Copyright ? make your will - free guide to making a will in the uk make your will - free guide to making a will in the uk All rights reserved.
Please feel free to publish this article online provided that the article and this copyright statement remain unchanged with live links.
Wood Dale Chicago prom limo .. Lockport Chicago limo O’Hare1. Don't focus on your finances.The reason most people get... Read More
Debt levels are at an all time high in the... Read More
Your boss has just informed you that your department is... Read More
During the last twenty years, banks have offered a number... Read More
Confused about whether you can contribute to a Roth IRA?... Read More
If you've been to a shopping mall lately, you've probably... Read More
Many people graduate from college owing thousands of dollars in... Read More
Did you have a piggy bank when you were a... Read More
You should thoroughly consider your business needs when selecting a... Read More
Would you be interested in freeing up 10% to 15%... Read More
It doesn't take much for you to get behind on... Read More
The cries are heard from the distance, "I need help... Read More
Here are ten steps you can follow to help improve... Read More
Future financial success is not a guarantee that any one... Read More
My personal opinion is that in today's new economy, it... Read More
Recent findings from the Educational Policy Institute indicated that the... Read More
Get Access to Realistic profitable strategies & discover the mindset... Read More
1. Lighting & Light Bulbs Install low energy light... Read More
How many drawers did you have to look through to... Read More
Address labels are many things to many different people. If... Read More
If you recently became a single parent and see your... Read More
Those who keep a watchful eye on where their money... Read More
The price of gas continues to climb, and with continued... Read More
Are you a check fanatic? Don't worry, you aren't alone.... Read More
Our global society has had a wake up call in... Read More
Antigo wedding limo ..Creating a budget can be a very difficult task. Although... Read More
Traditional checks probably won't disappear anytime soon, but processing checks... Read More
Address labels are many things to many different people. If... Read More
Recent security breaches at several credit card companies continue to... Read More
Predatory lending exists in the mortgage industry. It's typically when... Read More
The lists of bank and savings accounts that are available... Read More
Can you really afford a house? If so, how much... Read More
It is possible to eat a healthy, balanced diet without... Read More
Did you know that 43% of all married couples argue... Read More
I think most of us have at some point in... Read More
If you have a 401(k) account, it can be very... Read More
I thought I was through with exams when I finished... Read More
You have probably accomplished a great deal with your life.... Read More
At a time when the entire world's attention is focused... Read More
Six Scholarship judges were sitting around an oval table. Forms... Read More
It is estimated that we, as consumers, waste an average... Read More
If you've been to a shopping mall lately, you've probably... Read More
Doesn't it seem like the only impressive numbers we've seen... Read More
Have you ever wondered what it would be like to... Read More
Are you interested in saving money off your grocery bills?... Read More
In this age of information, keeping track of your finances... Read More
ID theft is a major consumer concern, though there is... Read More
Ever wonder where address labels come from? Avery? is perhaps... Read More
Your boss has just informed you that your department is... Read More
It is crucial as an individual who is striving for... Read More
Personal Finance |