ACTON Financial Management ........ Wills

Are You Guilty of Intestacy
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It is estimated that every day 2000 people* die in this country and most of them leave their families with all the problems of INTESTACY which means dying without having a legally valid Will.

In this event the Law of Intestacy means that the State writes a Will for you with your possessions being distributed according to this law.

Most people wrongly assume that all their possessions  automatically pass to their husband or wife.

In reality only a portion will pass directly (see table below) often leading to financial hardship with even the family home at risk.

Would you want your partner or family to face this unnecessary difficulty at a time of great distress?

Without a Will you miss the chance to pass on particular gifts to friends or charities.

If you have a young family would you not like a say in who may have to look after them?

Would you prefer to choose the friends or relatives who you would be able to carry out your instructions as you would wish.

* Legacy document system, 2004

SURVIVING RELATIVES
DISTRIBUTION OF ESTATE ON DEATH
Husband/Wife without Children
Surviving Spouse takes:
  • The whole estate
Husband/Wife with Children
Surviving Spouse takes:
  • £125,000 or the whole estate if less
  • Personal belongings
  • A life interest in one half of the remaining estate

Child/Children take:

  • One half of the remaining estate (in trust if under 18 years old or until married)
  • Remaining half on death of surviving parent
Husband/Wife with No Children but Parents or Siblings and their Children

 

Surviving Spouse takes:
  • £200,000 or the whole estate if less
  • Personal belongings
  • A life interest in one half of the remaining estate

Parents (if alive) take:

  • The remaining other half of the estate

If No Parents: Brothers/Sisters and their children take:

  • The remaining other half of the estate
Children but no Husband/Wife
The children take:
  • The whole estate (or in trust if under 18  years old or until married)
No Husband/Wife or Children
The whole estate passes to the following in order of priority:
  • Grandchildren
  • Parents
  • Full Brothers and Sisters and/or their Children if deceased
  • Half Brothers and Sisters and/or their Children if deceased
  • Grandparents
  • Full Uncles and Aunts
  • Half Uncles and Aunts
  • THE STATE