Will writing is important for everyone, but particularly if you want your estate to be shared with other people besides your next of kin. Only married or civil partners and some other close relatives can inherit under the rules of intestacy. If you have not yet written your will and need will assistance, our will-writing solicitors in Torquay are here to help. Firstly, we will explain what will happen to your estate if you have not written a will.
Under the rules of intestacy, your partner can only inherit your estate if you are married or civil partners at the time of death. If you are divorced or if your civil partnership has been legally ended, you can’t inherit under the rules of intestacy. However, partners who separated informally can still inherit under the rules of intestacy.
For example, if there are surviving children, grandchildren or great-grandchildren of the person who died and the estate is valued at more than £322,000, the partner will inherit:
If there are no surviving children, grandchildren or great-grandchildren, the partner will inherit the entire estate.
If you jointly own your home, either through beneficial joint tenancies or tenancies in common, the intestacy rules will differ slightly. If you were beneficial joining tenants at the time of the death, when the first partner dies, the surviving partner will automatically inherit the partner’s share of the property. However, if you were tenants in common, the surviving partner does not automatically inherit the other person’s share.
Children will only inherit if there is no surviving married or civil partner. If there is no surviving partner, the children of the person who has died will inherit the whole estate, regardless of how much it is worth. If there are two or more children the estate will be divided equally. If there is a surviving partner, a child only inherits if the estate is valued at over £322,000. The children will inherit equal shares of the remaining value over £322,000
A will is important for many reasons as without one you will have no say in how your estate is split between your family. Additionally, if you are not married or in a civil partnership, your partner will not get any of your estate. If you want to leave part of your estate to carers, close friends or relations by marriage such as step-children, you will need to create a will to do this.
Almy & Thomas provide will assistance and
will writing solicitors in Torquay. If you would like help with your will,
get in touch today.