| |
Rules of Intestacy
The Rules of Intestacy have been updated in 2009. The rules govern who benefits from your assets should you die without leaving a Will. In a nutshell:
Married/Civil Partnership, no children
- Your husband or wife receives your personal belongings
- Your husband or wife receives £450,000 of your assets
- Your husband or wife receives half of the balance of your assets over £450,000
- The remaining half passes to your parents and if they have both died, then to your brothers and sisters (and if they have died to their children). (This is generally not known and certainly not intended in the majority of cases where it occurs)
Married/Civil Partnership with children
- Your husband or wife receives personal belongings
- Your husband or wife receives £250,000 of your assets
- Your husband or wife has a right to receive an income from half the balance of your assets over £250,000
- The other half of the balance passes to the children at 18 years (or to a grandchild if a child has died before you).
- On your husband or wife's death the first half of the balance also passes to the children. (This is generally not known and would not be intended as you would expect your husband or wife to benefit from you should you die)
Not married/in a civil partnership(divorced but not separated)
- To your children and if a child has died to his or her children
- To parents
- To brothers and sisters (or their children if a brother/sister has died before you)
- To grandparents
- To brothers/sisters of the half blood (where you share a parent)
- Further rules exist
OF NOTE
- The rules do not recognise separation. If you are married then your spouse will inherit unless you have made a Will.
- The rules do not recognise the more complex family relationships that now exist.
- The term common law spouse is well known but has no legal meaning and such a person will not benefit under the Intestacy Rules. You must make a Will in these circumstances.
- A step child (a child or your partner or spouse who is not your child nor formally adopted by you) is not recognised as a 'child' within the Intestacy Rules. If you want a step child to benefit, you must make a Will.
- Children benefit at 18 years. If you want them to benefit at an older age, you need to make a Will.
- BUT the Rules only cover assets treated as belonging to the Deceased person. The Rules do NOT cover joint property which passes automatically to the survivor of the joint asset holders. E.G. bank accounts and houses where you hold as joint tenants rather than tenants in common . If you hold as tenants in common then the Deceased's share as tenant in common will fall under the Rules of Intestacy. It is also possible to direct pensions and life assurances to specific beneficiaries so they too need not be part of the Rules of Intestacy.
- If there is no known order of death between spouses, the younger is deemed to have survived and his or her family will benefit under the Intestacy Rules to the entire omission of the elder spouse's family.
- The responsibility for dealing with the administration of the estate is slightly more complex especially where children, parents or brothers and sisters are benefiting. It is far better to make a Will and chose your executors yourself.
- There is no mechanism for the selection of a person or persons responsible for looking after young children - guardians. Again you need to make a Will.
If you need a basic will, please fill in our will questionnaire. Otherwise call or email a member of the team.
 01376 321311
 Send an email
 The Team
 Home
|
 |
