What will happen to your estate if you die without a Will?
March 1, 2022
This article was edited on 26 July 2023 to reflect that the amount of the statutory legacy increased.
When someone dies without leaving a Will, it can make things difficult for those left behind. We take a look at the problems that can arise and introduce the platform we have invested in to show clients exactly what might happen to their estate without a Will in place.
Understanding intestacy
A large proportion of adults still don’t have a Will in place, even though most people understand that it is important for the future of their families.
When someone dies without a Will, referred to as being intestate, their estate will pass to beneficiaries in accordance with the Rules of Intestacy. These Rules set out who is entitled to inherit in strict order of preference. By way of example, if someone is married and has children, then the first £322,000 will pass to their spouse, with the remainder split as to half to the spouse and half shared between the children.
When people don’t receive what they expect or believe they should have from an estate, it can cause disputes between family members, which is generally the last thing the deceased would have wanted.
Check what will happen to your estate if you die without a Will
At Tayntons, we have invested in a tool that can show you exactly what would happen in your circumstances if you do not have a Will.
You may have assumed that your closest family members would be taken care of and that your estate would be used to secure their future. However, that isn’t always the case. For example, individuals who have chosen to cohabit but who are not married will inherit nothing, even if they have been together for decades and have children together. Similarly, stepchildren will not inherit either.
The platform is an eye-opener for many of our clients, who are finding that the only way to ensure their estate passes in the way they would want is to have a bespoke Will drafted, setting out exactly where they want their money and other assets to go.
The opportunity to find out for yourself where your estate will go
If you would like to find out what will happen to your estate if you don’t have a Will, we would like to invite you to try our intestacy tool. It involves a simple questionnaire that can be completed via desktop, tablet or mobile. The questionnaire takes only a minute to complete and as soon as your heirs are identified, it will advise you of the results. In a surprising number of cases, the outcome is not what the user was expecting, prompting them to consider exactly what they want to happen to their estate when the time comes.
Making a Will
If you are not happy with where your assets will be going, our expert Wills solicitors offer a bespoke Will drafting service. We can discuss your options with you and put the right Will in place to ensure that your loved ones will be provided for in the way that you would want. We can also ensure that your estate is structured in the best way to protect your assets for the future.
We also offer an online Wills service for those whose Wills are straightforward and who would prefer to deal with the matter via an online platform.
Contact our Gloucester Wills solicitors
If you would like to speak to one of our expert Wills solicitors or try our intestacy tool for yourself, email Tayntons at info@tayntons.co.uk, call on 0800 158 4147 or visit tayntons.co.uk.