Intestacy

The administrators don’t have to worry about debts/liabilities. Administrators are chosen by the court and are the most closely related relative of the deceased. The deceased can also die partially ‘Intestate’ which is where there is a will but, for example, a beneficiary dies before the deceased and there’s nothing stated in the will to cover that eventuality. Or if certain assets are not mentioned in the will but found those assets would to follow the laws on ‘Intestacy’

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Succession of Intestacy

If the deceased dies without a will they are classed as dying ‘Intestate’. The management of their house and other assets are passed to the administrators. The administrators don’t have to worry about debts/liabilities. Administrators are chosen by the court and are the most closely related relative of the deceased. The deceased can also die partially ‘Intestate’ which is where there is a will but, for example, a beneficiary dies before the deceased and there’s nothing stated in the will to cover that eventuality. Or if certain assets are not mentioned in the will but found those assets would to follow the laws on ‘Intestacy’

Rules of Intestacy

Intestacy is a complex procedure but is as follows once all funeral expenses and administration costs are taken:

1. Only the Deceased spouse survives them. They receive all of the property in the estate. They must survive 28 days after the spouse’s death.

2. If the deceased’s spouse lives for 28 days and they have child It goes as follows:
i. Statutory Legacy of up to £250,000 and any interest generated from time of death up until payment is made. The legacy is not taxed.
ii. All personal and household items of the deceased.
iii. Half of the estate which is surplus of the £250,000 legacy
iii. The children then receive half of the remaining estate. This is spread evenly amongst all of them.

3. If the deceased dies after the 1st October 2014 and the deceased’s spouse survives for a further 28 days the spouse and no children are involved, the spouse inherits everything. This is the same even if there are other relatives such as parents, brothers, nieces, nephews and sisters.

4. If there is no spouse that still lives then the kids, if any, will have the estate divided amongst them all evenly. If one child dies but leaves a child behind then that child will receive the assets the deceased’s child would receive.

If the child is over 18 or married they will inherit the assets immediately. If the children are not 18 or not married then the funds will be placed in trust until one of those conditions is met. If the deceased has no spouse or children then the estate would be divided equally between the parents.