Things to Put in Mind When Considering Intestacy
If you happen to pass away and you have not written a definite will in a lot of disputes and confusion about the estates that you have left behind. Intestacy basically describes the passing away of an individual without having to write their will. Rules of intestacy applied in the case where a loved one passed away without leaving a legally stated will, and they happen to have a lot of red tapes that will make the administration of estates to be thoroughly tricky for the beneficiaries. The absence of legal statement about the will of the parent before they passed away makes such things as applications for letters of administration and inheritance tax to be very complicated for the beneficiaries as they become at the mercy of the law. We can see that without a clearly defined will the life your loved ones might end up leaving very horribly after you passed away. In our discussion, we will look at some of the things that you need to put in mind when you’re thinking about intestacy.
Intricate issues that will exist in your family after dying intestate are just not worth it because they come in as intricate, expensive and very divisive for the lives of your loved ones after you have gone. Even in the instance where you died intestate but that you made some verbal promises to family members with regards to what you wanted them to take in your estates will not be able to stand when it comes to the law as only a written agreement is the one that will stand. No one wants to leave their loved ones at the mercy of intestacy rules because they tend to be very harsh and might leave family more divided than ever after you have passed away.
The harshness of the intestate rules basically applies that when you die intestate, then the estate will be distributed according to the constitutional regulations which might be beyond what you had anticipated.
Spouse and other significant civil partners are the ones that are most favored as we will look in the case of intestacy rules in England and Wales. The intestacy rules in these European countries require that the first 250,000 pounds together with various joint assets such as bank accounts and properties and also get half of what remains if the spouse had children with the rest being left for the children of the spouse from current marriage to previous relationships to divide amongst themselves. All the inheritance will go to the spouse or the civil partner if the owner of the estates has less than the required amounts by the Constitution.