Wills & Probate Directory

• you get to decide how your assets are shared out instead of the formula set by law.
• if you’re an unmarried couple, or not civil partners, you can ensure that your partner is provided for as they won’t inherit anything without a will in place.
• if divorced or have a dissolved civil partnership you decide whether to leave assets to your ex partner if they are living with new partners, for example.
• you can ensure that you avoid paying more Inheritance Tax than necessary.
•  may be able to protect more of your assets from Care Home Fees if that ever becomes an issue.

The  rules for deciding who inherits your assets, will depend on your personal and family circumstances:

If you are married on in a civil partnership

If the Estate is worth £250,000 or less everything goes to your husband, wife or civil partner

If the Estate is worth over £250,000 your spouse or civil partner will receive:

• personal items, household articles and cars, but not items used in a business
• £250,000 or £450,000 if there are no children
• a life interest in half of the rest of the estate (on his or her death this will pass to the children or as detailed below)

 

The rest of the estate will be shared as follows:

• children (or if none, grandchildren) will get an equal share

• if there are no children or grandchildren, any surviving parents will get a share

• if there are no children, grandchildren or surviving parents, any brothers and sisters (who both the same parents as the deceased) will get a share (or their children if they died while the deceased was still alive)

• if the deceased has none of the above, the husband, wife or civil partner will get everything
  
  

If you are partners but aren't married or in a civil partnership

• You won't  get a share of your partner's estate if they die without making a will.
• Unless there is some  provision for you in some other way, your only option would be to make a claim under the Inheritance (Provision for Family and Dependants) Act 1975 which would involve taking legal action.

If there is no surviving spouse/civil partner

The estate is distributed as follows:

to surviving children in equal shares (or to their children if they died while the deceased was still alive)

if there are no children, to parents (equally, if both alive)

if there are no surviving parents, to brothers and sisters (who shared the same two parents as the deceased), or to their children if they died while the deceased was still alive

if there are no brothers or sisters then to half brothers or sisters (or to their children if they died while the deceased was still alive)

if none of the above then to grandparents (equally if more than one)

if there are no grandparents then to aunts and uncles (or their children if they died while the deceased was still alive)

if none of the above, then to half uncles or aunts (or their children if they died while the deceased was still alive)

if there are none of the above relations the whole estate goes to the Crown!

What else?

The whole process of dealing with the estate will take longer to sort out if you don't have a valid will. You might want to thinks about the extra distress for your relatives and dependants this might cause and potential problems and delays that may occur if they can draw money from your estate.

You can make a will using a solicitor, a professional will writer or Do-It-Yourself. Whichever route you choose it is important to get it right or the will may not be valid or you may not be making the best will for your situation and wishes.

This article by Bill Ryan of Lawscape . It does not constitute legal advice but is provided to assist you by providing information to increase your general understanding of the topic.