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. The absence of a legally declared will obviously leave your loved ones at the mercy of the rules of intestacy which can become a little bit too harsh and not straightforward making it very complicated for them to comprehend. 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. Discussed below are some of the facts about intestacy.
The issues that surround a person dying intestate will not only be complex legally but also it might lead to a lot of strife, expensive costs and other things that might end up ruining the lives of your loved ones. 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.
Nothing can be fair as much as intestacy rules are applied because they are constitutional standards that do not consult the various contingencies of the family’s whether controls are placed and therefore they will end up being very harsh when it comes to the division of estates.
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. Here, spouses and public partners receive the first 250,000 pounds together with half of what remains if the spouse had children and they are also granted a lot of joint assets which includes property and bank accounts and the rest are divided with the siblings either from the current marriage or previous relationships. 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.