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INTESTACY
If a person dies without leaving a valid Will he is said to die intestate. This may occur because the deceased never made a Will at all, or because he revoked his Will and did not make another, or because the Will is invalid; Approximately two out of every three people who die in England and Wales each year die intestate (without a valid Will)
The Act which deals with the laws of intestacy is in place to say where your estate passes, who deals with it and what rules they have to follow.
Unfortunately, because the most of the rules and regulations were formed in 1925 they are considered out-dated and usually do not reflect the full wishes of most people.
The following flow chart has been designed to give you a general idea of where your estate goes if you die without a valid Will. If you are at all unsure please telephone us or your local solicitor for further information.
Why Should You Make A Last Will?
To make sure that your estate passes to the people you choose without delay or argument.
Without a Last Will and Testament Unmarried partners may not inherit your estate. sometimes even spouses may not automatically inherit all of your estate.
To make sure that your estate passes to the people you choose without delay or argument
Without a Last Will and Testament Unmarried partners may not inherit your estate. sometimes even spouses may not automatically inherit all of your estate.
To make sure (if you have young children) that a guardian is named by you. Giving someone of your choice a parental voice, therefore preventing the state stepping in and naming a guardian for your child in your absence.
Without a Last Will and Testament social services may step in and decide WHO looks after your children and WHO has parental rights over them.
If your estate is large, over £275,000 then 40 percent inheritance tax will be applied to any surplus. (This Tax can alter annually)
Everything you own over £16,000 can be taken by social services to pay for the cost of care. (This sum can alter annually)
It has been our experience that people often plan to make a last Will and Testament, but, for whatever reason they seldom get around to doing anything about it. Often leaving their most loved one in a needless panic at a time when they most need reassurance". The facts are, According to the Probate Office, about 70% of the adult population of this country have not made a last Will. These people are all at risk.
By making (or executing as it is also known) a last Will, the testator (the person making the Will) is making sure that when he or she dies, the personal, and real estate assets that they leave behind, passes to the person or persons who the Testator has nominated, and that the wishes for such disposals are clearly expressed.
However, if a person fails to make a last Will, any personal, and real estate left behind, are distributed according to the Law on Intestacy. In such an event the distribution may not be exactly what the deceased person would have wished to happen. Many people assume that when they die all their estate passes to their spouse and/or children, but this is not necessarily true in all cases and is dependent on other factors and personal wealth.
By making a Last Will and Testament, any doubt as to the ultimate destination of a Testator's estate is removed and the true wishes of the Testator are made known to those left behind.
Don't Delay in making that Last Will. The consequences?
Without a valid Last Will and Testament, obtaining Letters of Administration and appointing an administrator, can take months or sometimes even years. In the meantime your surviving spouse or partner has all the usual: household, weekly, monthly, and daily expenses to find and they will probably be on a reduced income, plus it will be at a time when they most need reassurance. Your surviving spouse or partner may not have access to money she or he would normally have a right to because they could be frozen until all the formalities have been sorted out (someone else deciding who gets your life's assets). If you have got a valid Last Will it should take no longer than three months to obtain Probate and release your assets to the people who you chose.
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