It's often assumed that if you don't make a Will your possessions are automatically left to your loved ones. In fact that's not the case and if you don't have a Will, your dependents will be left to deal with the final penalties and complications your estate can fall into.
What happens if I die without a Will?
If you die without a Will, your spouse will inherit your personal effects plus the first £250,000 of your estate with a limited interest in half of the remaining balance. The other half of that balance passes to any children. In high value estates this is particularly significant, as your spouse can be left at a considerable financial disadvantage for the remainder of his or her life.
If you have no children, but do have surviving siblings or parents, your spouse will take a sum of £450,000 and one half of the balance, with other relatives taking the other half. Your spouse will only be entitled to your entire estate if you have no surviving children, siblings or parents.
We offer professional advice on how to ensure that your last wishes are respected and that your chosen beneficiaries are looked after.
Please contact our Head of Estate Planning Jayne Parsons if you would like to discuss our Wills services further.
