Wills and estates refer to the legal process surrounding the distribution of a person’s assets after they pass away. Here’s a breakdown of the two main components:
- Wills: A will is a legal document where a person (the testator) outlines how they want their property and assets to be distributed after their death. It can also specify guardianship for minor children and funeral wishes. If a person dies without a will (intestate), the distribution of their estate will be handled according to the laws of the jurisdiction where they lived.
- Estates: The estate refers to everything a person owns at the time of their death, including property, money, investments, and personal belongings. After death, the estate is typically administered by an executor (named in the will, or appointed by the court) who ensures the debts are paid, taxes are settled, and the remaining assets are distributed according to the will.
The entire process can involve the extracting of a Probate (the court procedure that validates a will) and estate taxes. It’s a way of ensuring that a person’s final wishes are honoured, while also managing any legal and financial obligations.
What if you do not have a Will
If you die without a will, this is called dying “intestate.” In this situation, the distribution of your estate will be distributed in accordance with the law of succession. These laws usually provide a default order of inheritance, and your estate will be distributed based on a set hierarchy of relatives, which may not align with your wishes.
Here’s how it generally works:
- Spouse and children: Typically, your spouse and children are the first to inherit. The specific division depends on your situation. If you are survived by
A spouse or civil partner but no children – your spouse or civil partner gets the entire estate
A spouse or civil partner with children– your spouse or civil partner will get two thirds of your estate and the remaining one third is divided equally among your children. If one of your children has died that share goes to his/her children.
Children but no spouse/civil partner – your estate is divided equally between your children.
- Other family members: If you don’t have a spouse or children, the estate could go to your parents, siblings, or more distant relatives like nieces, nephews, or grandparents, depending on who is still living.
- If no relatives: If you have no surviving family members, your estate will go to the state, meaning the government may take possession of your assets.
Dying intestate can create complications, delays, and potential conflicts among family members. It might also mean that some of your assets go to people you would not have chosen. That is why having a will is a good idea to ensure your wishes are clearly stated and followed.
Are you thinking of creating a Will or if you are in the process of extracting a Grant, we at Healy Law LLP can assist you.
