When you die without a Will, you die “Intestate”. This means that your Estate will be subject to the “Rules of Intestacy” which dictate how the Estate should be divided up.
As you can see from the diagram below, the Beneficiaries of the Estate vary depending on the value of the Estate being passed and your family situation. If someone dies without a Will, it is usually assumed that the surviving spouse will be the sole Beneficiary of the deceased’s Estate, which, as you can see below, is not necessarily the case. If, for example, you are married with children and die Intestate, your Estate would be split between the survivor and your children (generally speaking). If you were married and were to die Intestate with no children, the assets would be split between the survivor and the next Beneficiary in line, which would be your parents and, eventually, the crown!
If you do not have a Will, your Estate could pass to the wrong Beneficiary! If you are unmarried, or not in a civil partnership, you or your partner won’t inherit if either of you passes away, and this could potentially result in the survivor having to sell the property to meet the Rules of Intestacy. It is therefore essential that you have a Will in place so that your Estate passes to the right people and, most importantly, to help those you leave behind to deal with your affairs. Your loved ones must deal with the pain of you passing away, but it would be even more painful for them to be left behind with no instructions from you on how you want your Estate divided, forcing them to apply to the courts to appoint a personal representative.
If you do not have a Will or have existing Wills and wish to make amendments, then please call the office on 01489 877 547 and speak to a member of the team who will be able to help you.
Even if you are happy that you have all of your planning in place, all of us know somebody who has not and they could do with some help and guidance. Let’s not assume that our families, friends and colleagues have benefited from some great advice. All too often, it is sadly not the case.
Redwood is one of the Souths’ leading Pensions, Investments, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning and Probate, we can advise on any situation. Join us at one of our Free Public Information Seminars: Book online Book Me A Place!, Call us on 01489877 547 or Email email@example.com to book an obligation free Initial Meeting with us to review your financial planning needs.