When you pass away without a Will in place your estate is dealt with under the rules of intestacy.
At their most basic level, the intestacy rules lay out who your estate will go to when you die. If certain people have died before you, then who your estate will be left to can change. The amount certain people stand to inherit can also change, dependent upon when the individual passes away. A simple guide that explains who inherits when there is no Will can be found here.
These rules are regularly reviewed and are subject to change. Presently, if a person passes away without a will and leaves a spouse and children, the spouse inherits the first £250,000 of the estate. The remainder then passes to the children in line with the intestacy rules.
As of 06 February 2020, the amount that the spouse would inherit in this scenario is rising to £270,000. If the scenario was different then alternative rules under intestacy would apply. It is difficult to rely on the rules to properly represent your wishes if they are subject to change at any point.
A big concern when you don’t make a Will is that your wishes are not going to be properly being represented. That the wrong people may inherit your estate, or others may be left unsupported after your death.
HMG LAW LLP provides qualified and experienced professionals who can talk to you about your Will and your wishes.
If you have any further queries or would like to instruct HMG LAW LLP to assist in the drafting of your Wills, please contact us today to arrange an appointment at either of our offices.