Posted on March 06, 2023

It's easy to put off creating a will, especially if you're young and healthy. However, no one knows what the future holds, and it's essential to be prepared for the inevitable. If you die without a will, your assets will be distributed according to the law, which may not align with your wishes. In this blog post, we'll explain what happens if you die without a will and why it's crucial to create one.

Intestacy Rules

When a person dies without a will, their assets will be distributed according to the law. In the UK, this is known as the rules of intestacy. These rules specify how a person's assets will be distributed based on their family situation and the value of their estate.

The rules of intestacy can lead to unintended consequences, such as a spouse not inheriting all of the deceased person's assets or assets going to family members that the deceased person may not have wanted to inherit them. By creating a will, you can ensure that your assets are distributed to the people you want to help.

Spouse and Children

If you're married or in a civil partnership and you die without a will, your spouse or civil partner will not automatically inherit all of your estate. The amount they will inherit will depend on the value of your estate and whether you have children. If you have children, your spouse or civil partner will inherit the first £250,000 of your estate, and then half of the remaining estate. The other half will go to your children.

If you're not married or in a civil partnership and you die without a will, your assets will go to your children, or if you don't have children, your parents. If you don't have any living relatives, your assets will go to the Crown.

Unmarried Partners

If you're unmarried and die without a will, your partner will not automatically inherit any of your assets. This can be particularly problematic if you own property together. Without a will, your partner may not have any legal claim to the property.

By creating a will, you can ensure that your partner inherits your assets. This can provide peace of mind knowing that your loved ones will be taken care of after you're gone.

Children

If you have children and die without a will, their inheritance can be complicated. If they are under 18, they cannot inherit anything directly. Instead, the court will appoint someone to manage their inheritance until they are old enough to manage it themselves. This can be a lengthy and costly process, and it may not align with your wishes.

By creating a will, you can set up a trust to manage your children's inheritance until they are old enough to manage it themselves. This can ensure that your children's inheritance is protected and used for their benefit.

Conclusion

Dying without a will can lead to unintended consequences, such as assets going to family members that you may not have wanted to inherit them. By creating a will, you can ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after you're gone.

If you're ready to create a will or have any questions about estate planning, please get in touch with DLS Estate Planning LTD. We're a trusted Estate Planning Lawyer in Milton Keynes that offers will, lasting powers of attorney, and estate planning review services. Our team has the expertise and knowledge to help you create a will that accurately reflects your wishes and protects your assets.

Don't wait until it's too late to create a will. Contact us today at 1908 477118 or teresa@dlsestateplanning.com to schedule a consultation. We'll help you create a comprehensive estate plan that provides peace of mind knowing that your loved ones will be taken care of after you're gone. Our experienced estate planning lawyers will work with you to create a will that meets your needs and protects your assets. We'll also answer any questions you may have about the process and provide guidance on how to choose an executor and protect your children's inheritance.

Creating a will is an essential part of estate planning, and it's never too early to start. Whether you're young and healthy or nearing retirement age, it's crucial to be prepared for the inevitable. By creating a will, you can ensure that your wishes are carried out and that your loved ones are taken care of after you're gone.

At DLS Estate Planning LTD, we're committed to helping our clients create comprehensive estate plans that provide peace of mind. Our team of experienced estate planning lawyers will work with you to create a will that accurately reflects your wishes and protects your assets. We also offer lasting powers of attorney and estate planning review services to ensure that your entire estate plan is up-to-date and effective.

If you're ready to create a will or have any questions about estate planning, please get in touch with us today at 1908 477118 or teresa@dlsestateplanning.com. We'll help you create an estate plan that meets your needs and protects your loved ones. Don't wait until it's too late to start planning for the future. Contact us today to schedule a consultation.