What happens if you die leaving only your spouse/civil partner, no children and no will?
You might imagine that everything goes to your spouse or partner, but currently that is not always the case. Under the intestacy rules for England and Wales, a surviving spouse/civil partner would receive:
One of half the residue of the estate outright.
The other half of the residue would go to your parent(s) or, if your parents are no longer alive, your siblings. (If your siblings, too, have predeceased you, it goes to their children.) The rules in Northern Ireland are very similar, while Scotland has its own distinctly Scottish regime.
The Ministry of Justice is now proposing to reform English and Welsh intestacy rules, so that where there are no children, the surviving spouse will inherit the whole estate. There are also revisions planned for the estate distribution when there are children involved.
The ministry says that its proposed changes will “ensure the laws on intestacy become closer aligned with public expectations.” However, any reform will not alter the fact that an up to date will that spells out what you want is a better course of action than relying on the state’s interpretation through the intestacy rules.
Your will is up to date, isn’t it..?
Losing a family member is never easy, and the last thing you will want to think about is whether or not you will be liable for paying inheritance tax in such an event.
Should that circumstance arise, it is very important that you are aware of your rights so that you can prepare your family for the future ahead.
Please contact us on 0208 861 7575if you would like advice on the preparation of your will.