What Is A Will

What is a Will?

A will is a document that allows you to make sure that your assets get to the people that you want. Without a will there is no guarantee that those you love will benefit. Anyone with an estate of £5000.00 or more needs a will so that banks will transfer money to beneficiaries.

Intestacy Rules

When a person (who is a resident of England or Wales) dies without having a Will, or with a Will that has in some way failed, they become intestate. This means that their Estate must be distributed in accordance to the Rules of Intestacy.

What Is A Will

The Rules of Intestacy control how the deceased’s estate will be shared out after payment of all his or her debts, for example, funeral costs, have been finalised.

 

A few things you need to know:

  • No provisions are made for unmarried partners
  • Step relations have no entitlement
  • If the deceased owns the family property, it gets included in the surviving spouse or civil partners entitlements of up to £250,000 and £450,000.

 

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