Any person who dies without having first executed a valid last will and testament, is known as dying Intestate.
In that event the deceased's estate is distributed according to the Law on Intestacy. By simply making a will you would avoid any problems that arise from intestacy. Above all else a will allows you to delegate your true wishes and that they are known at the time of your death
It is important to be aware that the spouse of a deceased person who died intestate, DOES NOT automatically inherit the whole of the estate, if the total value of the free estate passing on the death, is of substantial value. The Law prescribes what a surviving spouse can automatically receive, this is known as the statutory legacy, and the amount is dependent on whether or not the deceased was also survived by children and certain other relatives, again in order of strict priority.
If you do not make a last Will and die Intestate, then your estate will be distributed as follows:
- If you have no children, brothers, sisters, nephews and nieces, then your Spouse will inherit everything.
- If there are children, then your Spouse will inherit your personal chattels and £125,000 and income only in half of whatever else is left. Children are entitled to half of what is left when they reach the age of eighteen or if they marry whilst under the age of eighteen and they also have half of whatever else is left on the death of the surviving parent.
- If there are no children but there are parents, brothers, sisters, nephews and nieces, then the Spouse will receive personal chattels and £200,000.00 and half of the residue. The other half of the residue will go to parents or if they have pre-deceased then to brothers and sisters but if they have also pre-deceased, then to nephews and nieces.
- If you do not have a surviving spouse then everything is taken, first, by children but if there are none then everything passes to your parents but if they have pre-deceased you then to your brothers, sisters, nephews and nieces but if you do not have any then to grandparents but if there are none alive then to Aunties, Uncles and Cousins. If there are no members of the family indicated above then everything you have would be forfeited to the Duchy of Cornwall (Prince Charles!!!!!)
It is very important to remember that the above can take a considerable amount of time, during which the people you wish to receive your estate may not. Secondly whilst the probate is being sorted out the money that may be vital for your spouses/children's survival will not be released at the time they most need it, and the state will charge for doing this!
