It is not always easy to talk about death, but there are many benefits to ensuring you don’t die intestate in the UK.
What is dying intestate?
If you die before making a will in England and Wales, you will die ‘intestate’ or without a testament. If this occurs, your money and property will be shared in accordance with the legal default, which may not reflect your true wishes.
What are the UK intestacy rules?
The Inheritance and Trustees’ Powers Act 2014 sets out the intestacy rules. Let’s run through some of the key points that are covered in this act.
The spouse or civil partner of the deceased will retain all assets up to the value of £322,000 and all personal possessions. If there is anything remaining in the estate, the spouse or civil partner will receive full rights over 50%, with the other 50% being divided between the surviving children equally.
Do you need both a will and an LPA?
It is a common misconception that you don’t need to have both a will and a lasting power of attorney. While an LPA will protect your interests during your lifetime, your will comes into effect upon your death and will protect the interests of your chosen beneficiaries.
You can learn more about the benefits of an LPA online from specialists such as //powerofattorneyonline.co.uk.
Do the same intestacy rules apply to cohabiting couples?
No, cohabiting couples in the UK are not automatically afforded the right to claim on the estate of their deceased partner.