Wills and Probate Solicitors South Wales
Wills and Why Even Young People Need One
When marriage was more prevalent, a will wasn't regarded as such an important document. Because most of the estate would be inherited by the surviving partner if a married partner died, even if the deceased died intestate (without a will). However, today, this sort of arrangement has changed, making it even more important to draw up a will then ever before. Especially if assets have expanded, and a residential or commercial property is involved.
Rules of Intestacy Will Apply if There is No Will
The current intestacy rules provide that if one spouse or civil partner dies without children, the other partner will inherit the entire estate. If there are children and the deceased partner's estate is worth more than £250,000, the surviving spouse will be entitled to receive without question £250,000 plus all personal belongings. Anything over £250,000 will be shared 50/50 between the surviving spouse and their children. If there are no surviving children, grandchildren, or great-grandchildren, the surviving partner will inherit all of the personal effects of the deceased partner.
What Are The Rules For Civil Partnerships?
Registered civil partnerships are subject to the same regulations. From 2004 to 2018, a civil partnership was only possible for same sex couples, but in June 2018 the Supreme Court ruled that the status must be permitted for heterosexual couples. A civil partnership is treated in the same way as a marriage for tax, inheritance, and retirement benefits. If you are divorced or have formally terminated your civil partnership, you will not be able to inherit under intestacy rules.
Shared Bank Accounts
If the partners shared a joint bank account or building society account, all the money will go to the surviving partner according to the laws of intestacy. These accounts aren't calculated as part of the deceased partner's estate under intestacy regulations.
Rules on Intestacy for Young People
If you live in a relationship with someone of the opposite or same gender but have never married or established a civil partnership and then die without creating a will, your partner can not inherit anything. Also, if the person who dies hasn't made a will, gay partners who aren't in a civil partnership won't inherit anything. Close friends will be disappointed because they won't be able to inherit either.
Joint House Tenants and Joint Bank Account Holders
The exception to the intestacy rules regarding marriage and civil partnerships concerns joint house tenancies and shared bank and building society accounts. This is known as survivorship, and it applies to any partners, married or unmarried, who will inherit the other half of a joint tenancy and bank account. However, any other assets won’t go to the unmarried spouse and if there aren’t any other relatives the remaining estate will go to the government.
An Example of a Young Unmarried Couple Without a Will
If you've lived together for ten years and shared a rental property together, but not bank accounts, and one dies intestate without a will, the surviving partner won't inherit anything. Only by going to court can you obtain any sort of financial assistance. This might cause a lot of hassle since neither of you has made a will.
