Intestacy – What Happens if You Die Without a Will
Composing a will is challenging for any person, and at times individuals opt not to produce one at all. As solicitors in Liverpool have been frequently associated with negotiating conflicts for individuals that in no way completed publishing their will. Passing away with no will is known as intestacy or dying intestate, and actually it is more challenging to solve for the family of the deceased individual, than it might be actually for the individual to write the will to start with. That is why it’s so important to write a will no matter how old you are. But precisely what could happen in the event you don’t have a will? Explained below.
Intestacy or Dying Intestate
First of all it can be determined by your geographical area in the UK in regards to what could happen for you personally. There are even some circumstances and misconceptions that are typical to some areas.
It is a typical misconception to believe that if you die intestate, then your nearest relatives or good friends will come to a decision what is best in relation to your assets. This is not really true due to the fact that lawfully there are rigorous policies as to exactly who inherits what after you die with no will. In the toughest possible circumstance this could possibly mean the government collects the lot. In the course of time many of the solicitors in Liverpool have witnessed an abundance of good friends and family members distraught because of not being familiar enough with intestate laws and regulations.
Laws and Regulations
In other words, when you pass away without a will, the law determines who gets exactly what in spite of your relationship with the persons concerned when you were still living. In some cases it has been observed that a parent resort to suing their own children to acquire a share of their partner’s estate when that partner passed on, simply because they were not married. By law in this predicament the children receive everything, something the dead partner did not intend, but which happened because there was no will set up.
For this reason producing a will is imperative; as you genuinely won’t know who will inherit your assets without being direct in a document. You could find out exactly who will inherit your property if you die with no will by using the online calculator on the HM Revenue & Customs (HMRC) website. But if you seriously would like to rest easy, then you may find some good solicitors, and take step in writing your will today.
Anyway, it’s a tricky issue, I would certainly prepare a will “just in case”