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.
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
Are you looking to purchase your first home but unsure where to begin? Here are some tips to get you started.
Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.
15 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
16 days ago
According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.
The UK government is introducing new rules for Energy Performance Certificates (EPCs) that will impact landlords. Here's a summary of the key changes
23 days ago
Choosing to buy a house is one of the biggest decisions you are likely to make in your lifetime. There are many factors that influence a house purchase, these include: finances, housing market conditions, and mortgage rates.
26 days ago
Since being launched back in 1999 Individual Saving Accounts (ISAs) have been very popular for those wanting to put money into savings. There are four types of ISA, and the majority allow flexible saving and the ability to withdraw funds easily. There are financial penalties on certain products, these usually pay the most interest.