The Mail on Sunday – Make A Will IF Its The Last Thing you Do
The Mail On Sunday – Make a Will If Its The Last Thing Yo Do
With nearly 30 million people in Britain without a Will the Mail on Sunday looked at the importance of making a Will and the consequences of dying without a Will.
Many people believe that their estate will automatically pass to those closest to them even if they have not made a Will however the reality is very different.
What are the consequences of dying without a Will?
If you are married or in a civil partnership and have no children, when you die your spouse or partner will receive all your personal belongings but nothing that was used for business purposes. They will receive the whole of the estate free of tax up to a value of £450,000 but above that figure half goes to the surviving partner and the other half will go to surviving parents. Where there are no parents any brothers and sisters will get a share – or their children will if they died while you were still alive. Only if you die leaving no surviving parents or siblings and their children will your entire estate pass to your spouse or partner.
If you have children then your partner or spouse will get the whole of your estate (but nothing used for business purposes) up to the value of £250,000 tax free but above that the rest will go to your children.
If you live with someone but are not married or in a civil partnership the results are even more dire
Your surviving partner will not automatically get a share of the estate and will probably have to make a claim through the courts.