We always advise our clients to have a Will. The Will appoints Executors and enables you to determine who inherits.
Sometimes the Will reflects what would have happened if there had been no Will, anyway, but it is definitely easier to administer an Estate with a Will in place. If a person dies without making a Will, they are classed as having died intestate.
The rules of intestacy: What happens?
Where intestacy applies, there are no Executors appointed; instead, a single beneficiary, or multiple, can volunteer to become the personal representatives of the Estate. It should be noted that only beneficiaries can take up this position.
Any assets held as joint tenants automatically pass to the survivor. This would include joint bank accounts and property held as joint tenants (not property held as tenants in common).
The title deeds for your property, which can be obtained from HM Land Registry, will detail how any property you own is held.
How the Estate is distributed depends on the deceased’s personal circumstances. If they were married or had a civil partner, and no children, the surviving spouse/partner would inherit everything.
Importantly, somebody co-habiting with the deceased does not qualify as a spouse unless they are legally married or a civil partner.
If the deceased had children, the Estate would be split as follows:-
First £322,000 to the spouse.
One half of the balance to the spouse.
One half of the balance to the children – shared equally between them if there are multiple.
Please note that the definition of children only includes actual children of the deceased or adopted children. Stepchildren do not qualify.
If there is no spouse or children, then the assets pass in order to:-
| Parents | but if they are not alive |
| Full Siblings | but if they are not alive and have no children |
| Half Siblings | but if they are not alive and have no children |
| Grandparents | but if they are not alive |
| Uncles & Aunts | but if they are not alive and have no children, then intestacy fails. |
Where this is the case, the assets pass to The Crown under what is known as ‘Bona Vacantia’.
Full details of the rules are available on our website here.
It is also possible for an Estate with a Will to end up as an intestate estate if there are no surviving beneficiaries under the Will.
Sometimes it is not obvious whether distant relatives are still alive and considerable costs can be incurred, for example, if needing to engage genealogists.
Therefore, it is essential that a Will is made.
For all advice on Wills, please contact Barry Jefferd or Carol George on 01480 426500 or email wills@georgehay.co.uk. GH Wills is the trading name of GH Wills Ltd.
