New research suggests that 60% of adults in the UK don’t have a Will, but is this a problem?
If you die without a Will you are known as intestate, the rules of which are covered under the Administration of Estates Act 1955 (peruse at your leisure).
Who’s your Executor in an intestacy? Well, technically no one. Instead, you have an Administrator who will likely be the person or people who will inherit the majority of your estate.
So no big deal, right? Someone, although you won’t know who, will be there to administer your estate, but how will it be administered. Enter the 1955 Act again.
Priority of inheritance in an intestacy:
- Your spouse/civil partner will inherit the first £250,000, with everything above £250,000 split between spouse/cp and children.
- If your spouse/cp predeceased you, all shall be split between your children in equal shares.
- If no surviving spouse/cp or children, your estate shall pass to your parents.
- If no surviving spouse/cp, children or parents, your estate shall pass to your brothers and sisters (or their children) in equal shares.
- If no surviving direct family, next of kin (eg. aunts and uncles) shall inherit your estate.
Maybe you’re happy with the above legislation’s forced
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