What happens if I don't have a will?
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I'm 35 and married with no dependents. I assume that everything will pass to my wife, should the worst happen. What's the point in making a will, and given that we're in the 21st Century, are online will services up to scratch?
NeilBenson
1 year ago
Expert Financial Adviser Answer
James Brooke
answered 1 year ago
What happens when you die without a will depends on the value of your estate and the relatives who survive you.
If you have no children and your estate is worth less than £450,000 then all of it goes to your spouse.
If you have children then your spouse recieves the first £250,000 and a life interest in half of the remaining capital.
There is a good flow chart provided by the Probate Service that explains what happens on death of an intestate person. You can find it at
http://www.hmcourts-service.gov.uk/docs/infoabout/civil/probate/Probate_WhoSurvivedTheDeceased.pdf
the also answer the question why make a will at
http://www.hmcourts-service.gov.uk/infoabout/civil/probate/why_will.htm
With regards to your question about online will services, I am afraid that this is rather like many other areas of the online world in that it is a really mixed bag. There are many good firms but there are some charlatans too.
The problem with a will is that even if you make on it is not always valid unless it has been signed by the person making the will (the testator), and this must be done in the presence of two witnesses who then sign the will in the presence of the testator.
A witness must not be a beneficiary in the will or married to, or be the civil partner of, a beneficiary. If a witness were a beneficiary in the will or married to, or the civil partner of, a beneficiary then the will remains a valid and legal document, but the gift to the beneficiary cannot be paid.
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If you have no children and your estate is worth less than £450,000 then all of it goes to your spouse.
If you have children then your spouse recieves the first £250,000 and a life interest in half of the remaining capital.
There is a good flow chart provided by the Probate Service that explains what happens on death of an intestate person. You can find it at
http://www.hmcourts-service.gov.uk/docs/infoabout/civil/probate/Probate_WhoSurvivedTheDeceased.pdf
the also answer the question why make a will at
http://www.hmcourts-service.gov.uk/infoabout/civil/probate/why_will.htm
With regards to your question about online will services, I am afraid that this is rather like many other areas of the online world in that it is a really mixed bag. There are many good firms but there are some charlatans too.
The problem with a will is that even if you make on it is not always valid unless it has been signed by the person making the will (the testator), and this must be done in the presence of two witnesses who then sign the will in the presence of the testator.
A witness must not be a beneficiary in the will or married to, or be the civil partner of, a beneficiary. If a witness were a beneficiary in the will or married to, or the civil partner of, a beneficiary then the will remains a valid and legal document, but the gift to the beneficiary cannot be paid.