Many people think that if they die without making a Will their wife or partner will inherit all their Estate. However a recent TV programme reported a horror story which sadly is only too common.
A married man with young children died suddenly without leaving a Will. The family home was registered in his sole name. He did not have enough life assurance to pay off the mortgage. The Intestacy Rules which applied to his Estate left the house only in part to his wife. The rest was left in trust for the children. Worse, the part passing to the children was subject to Inheritance Tax.
The wife was advised by her solicitors to obtain a Court Order which gave her a greater share in the house. She could then avoid paying Inheritance Tax and was able to sell the house to pay off the mortgage. To obtain the Court Order meant the wife had to bring legal proceedings against her own children, who had to be represented by other solicitors.
All this cost thousands. Simple Wills for the husband and wife would have cost a few hundred pounds only and would have saved months of worry and stress.
Three final thoughts:
The survivor of an unmarried couple has no legal entitlement at all – intestacy leaves everything to the children.
Do you have enough life assurance?
Have you named guardians for your children if something happens to both of you?
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