If you die without a Will in place then you are said to be ‘intestate’ and the laws of the land will decide what happens to your estate.

In England and Wales it would be usual for an executor to be appointed for a fee. The Executor will then follow procedures set out by the State. In most cases, if there is no will, your current spouse will inherit everything. If your estate is more than £250,000 then the spouse will get the first £250,000, plus a "life interest" in half of the remainder, and the rest will be shared by any children.

If you don't have a spouse then your estate will be shared between your children. If there is no spouse and no children, then the estate will go to the parents first, then any siblings, then grandparents, then uncles and aunts. If none of these relatives survive you and you haven't made a will you entire estate will go to the Crown.

Your children will likely become wards of the state and go into care if you have not appointed guardians in a Will. Any shares in a business you own could, potentially, go to the state and your former business partners might suddenly find they have strangers running the business they part own!

Not having a Will is not a good idea. Despite this, 1 in 3 people do not have a Will.

For more information see our Wills and Estate Planning page or speak to an adviser on 01628 507477.

 

Download our Free First Time Buyers Guide

Recent posts

Friyay Rate Reviews

24 days ago

Every Friday our experts search the market for the latest rates from every lender saving our clients some serious £'s!

Looking to Extend?

28 days ago

Are you looking to extend your property? There are many benefits to adding an extension to your existing home, here are a few. 

Put simply, Equity Release is where you can release equity (money) tied up in your home for any purpose you like. In this short article, we share some reasons why you may want to consider Equity Release.

The team at Mortgage Required may not be able to lower the prices in your local supermarket, but we have come up with a list of tips to help you lower your food shopping bill.

Every year Big Energy Saving Week takes place to raise awareness about energy efficiency, reducing energy bills, and combating fuel poverty. Below are some ways you can get involved and hopefully make a saving!

In this blog we look at what happened in the housing market in relation to house prices last year, and look ahead at the forecast for 2024.

With many of us putting our feet up on 26th December after a full-on day of festivities, there are a significant number of people who find themselves checking out property portal sites!

Everyone has their own traditions at Christmas time, but we have put this short blog together to help you get ready for the festive period ahead.