What happens if you die without a will?
Still not got round to making a will? Here’s what will happen to your assets if you die without one…
If you’re married or in a civil partnership but don’t have a child or children…
Your surviving “spouse” will receive all of your estate without any financial limit.
If you’re married or in a civil partnership but do have a child or children…
Your surviving “spouse” will receive your personal belongings, the first £250,000 and half the remainder. The other half goes to the children at age 18.
If you’re not married…
Nothing goes automatically to a partner if you have one. The whole of your estate will pass to any child/children that you may have. If you have no children, your estate either goes to your parents, or your brothers and sisters, or your aunts and uncles, or to the state.
If you’re not married and your partner dies, you receive nothing automatically and will only do so if you’re a dependent. Then you may have to make a claim at court.
What’s the benefit of being married or in a civil partnership?
On death, a tax-free allowance of £325,000 applies to each person. If you’re married, you can transfer this to your surviving spouse, giving a total tax-free allowance on death of £650,000.
If you want to change any of the above, you’ll have to make a will.
5 reasons why you should instruct a solicitor and not a website
- Your solicitor will not put a clause in your will which allows for charges of usually 10% of the value of your estate – but most websites do
- You get advice that will save you Inheritance Tax
- You can make sure that people you know are put in charge of your estate on your death and carry out your wishes – it does not need to be the solicitor
- Solicitors care and make sure your will represents your true wishes
- If you don’t make a will, someone who you don’t want to receive money may well do so, particularly the taxman
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