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Will writing
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Trusts
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Probate
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Lasting power of attorney
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Inheritance tax
Intestacy Laws
The rules of intestacy mean that, as there are issues with a will or lack of and therefore no specific plans in place, the estate will be distributed in a certain way.
What are the intestacy rules?
If you are married or in a civil partnership:
Your spouse will receive everything if you have no children. If you do have children, your spouse will receive the first £250,000 and all personal possessions, as well as half of whatever remains. Your children will receive equal shares of the remaining half.
Even if you are separated, your spouse will be a beneficiary.
If you have children:
If you are widowed or single, everything will be distributed evenly among your children. Children from former relationships will also benefit equally.
Any adopted children or stepchildren will have a right to inherit under the rules, but stepchildren who are not adopted do not have the automatic right to inherit. You must make a will to ensure loved ones are provided for.
If you don’t have children or a spouse:
Everything will be shared between your parents, included adoptive parents in the case of adopted children dying intestate.
If you have no parents, your estate will be distributed between whole blood siblings (or their children through survivorship). If you have no whole blood siblings, or they are deceased, then half blood siblings will be next in line (or their children through survivorship).
Why writing a will is important
Intestacy laws are based on the traditional perceptions of family, and don’t take into account illegitimate children or unmarried partners.
Writing a will allows you to control the distribution of your estate, ensuring your loved ones are cared for as per your wishes.