Do you ever think about what will happen to your home when you die? If you’re married, chances are you assume the property will pass in whole to your spouse. Unfortunately, that’s not always the case, and it’s a legal issue which causes hundreds of people heartache every year.
Failure to make a Will can result in intestacy laws coming into effect. These laws – used when no Will is left behind – were responsible for more than 1,200 widows and widowers being forced to leave their marital home last year. Under intestacy laws, assets are distributed to the surviving family, meaning children and other relatives can lay claim to their inheritance, forcing the spouse of the deceased from their home.
The best way to avoid this happening after you are gone is to put together a clear and legally-binding Will stating your exact wishes.
Under intestacy laws, surviving spouses with children will automatically receive their partner’s personal possessions and the first £250,000 of the estate, and an additional lifetime interest in half of the remaining estate. The remainder of the assets go to the children.
But what if you have no children? If the deceased person was childless but has a surviving parent, sibling, nephew or niece, their partner will receive the first £450,000 plus an interest in half of the remaining estate, with the rest going to the relatives.
Matters get even more complicated in the case of second marriages. Second wives and husbands are often challenged by the children of their spouse’s first marriage over the family home.
Surviving spouses who want to stay in their home will have to challenge intestacy laws by going to court and claiming against the interests of their own relatives. This is probably the last thing anyone wants to do when they have recently been bereaved. The answer is to protect your spouse and family by drawing up a Will, now! Figures show that only about 50% of people in the UK have a Will. Which half are you in?
Photo Credit http://www.flickr.com/photos/batiks/3756700691/
