If you die without making a Will, your assets – including property, investments, and personal possessions like cars and furniture – will be given to your next of kin.
Now, while that may sound absolutely fine, it’s always a possibility that your assets will be divided up in a way that you wouldn’t be happy with – which is why a Will is so important.
What happens to your assets after you die without a written Will depends on whether or not you’re married or in a civil partnership, or if you have any children.
If you’re married or in a civil partnership, and your estate (combined assets) is worth more than £250,000, your spouse or civil partner will receive this. If you don’t have children, the full amount will go to your partner.
If you have children, your spouse or civil partner will receive valuable items such as jewellery or furniture (known as ‘chattels’), £250,000, and half of the remainder of the estate. Any children will receive the other half divided between them, which will be held in Trust for them until they reach the age of eighteen.
If you’re unmarried or not in a civil partnership and you have children, the estate will be divided between your children.
Failing these options, your estate will automatically be distributed to your parents, then any siblings, nieces and nephews, grandparents, aunts and uncles, and then cousins.
If you have no surviving relatives, then your estate will be passed on to the Crown.
Currently, unmarried partners, same sex couples not in a civil partnership, relations by marriage (such as stepchildren), friends, and carers aren’t able to inherit your estate.
This means that if you do have people you’d like to leave your assets to, such as family members or friends, the best thing to do is set out your Will in advance.
If you’d like to make a start, give one of our friendly, professional Will Writers a call today for a no obligation discussion about your needs.