You have probably heard it before and you will no doubt hear it again: it is important to make a Will. Not only does it give you peace of mind but it also keeps things simple for your loved ones while ensuring that your Estate is divided amongst the people you want.
As the law currently stands, the Estate of anyone who dies without a Will is governed by statutory provisions. Unless you leave a surviving spouse or civil partner, your Estate will normally be distributed to one class of beneficiaries, e.g. any surviving children. This includes any illegitimate children known to the administrators of your Estate. For your surviving spouse or civil partner to receive anything, they must survive you by 28 days. If they don’t, they will be excluded from your Estate.
The amount that is assigned to a surviving spouse when the deceased also leaves behind children has increased from £250,000 to £270,000 as of 6th February 2020.
Our Rules of Intestacy Handout shows you where your money could go without having a valid Will in place.
Within those categories the Estate will be divided equally; for example, if you have two surviving parents they will each get half. However, your Estate can only go to one group of people – it cannot be divided equally between any surviving parents and siblings, for example. If you are not survived by anyone in the above categories the Crown will take the whole Estate.
There may also be examples of partial intestacy, so if there is any part of your Estate that isn’t covered under your Will the above rules of intestacy will apply to the portion that hasn’t been accounted for.
Although rules are set out to distribute your Estate in a fair way, without a valid Will there will be no way of explicitly determining who your Estate goes to, what exactly they should receive and when they should receive it. If you want to write a Will or if you want to make sure your current Will is up to date, one of our Adviser’s will be happy to help!
Redwood Financial is one of the south’s leading Investments, Pensions,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, Lasting Powers of Attorney, Probate, Pensions, Savings & Investments, we can advise on any situation. Come along to one of our FREE Public Seminars on Wills, Trusts & Estate Planning. Book online at Book Me A Place!: call us on 01489877 547 or Email firstname.lastname@example.org.