Quick inheritance question

lolly5648

A friend has just divorced. He has two children 20 and 24 who live with him. He has agreed a final settlement with his wife. He is superstitious and won't make a will as he said if he dies his estate will automatically be divided between his children.

Is he correct or is there an amount that will go to his children and then the rest to his brother and sister?

Bigsmak

lolly5648 wrote: »

A friend has just divorced. He has two children 20 and 24 who live with him. He has agreed a final settlement with his wife. He is superstitious and won't make a will as he said if he dies his estate will automatically be divided between his children.

Is he correct or is there an amount that will go to his children and then the rest to his brother and sister?

Only a fool does not make a will. Tell him he needs to do this. Also, we have no idea how much his estate is worth and whether or not Inheritance tax will come into play. If it does, and he doesn't plan correctly, his 'superstition' could cost his children tens of thousands of pounds.

Another thing, if someone dies without a will it takes a lot, read 'A LOT' longer for any of the estate to be distributed properly.

bendix

If he has no will and no spouse, his estate is shared equally between his children. In the event of no children, it is shared equally between surviving parents. In the event of no children and no parents, only then does it go to surviving siblings.

kidmugsy

@lolly: urge him to bloody grow up.

lolly5648

Thanks for the replies - I have been telling him to grow up for over 20 years! I will make the point that if he doesn't leave a will it will take a long time for his estate to be sorted out, perhaps that will spur him on. He has a house and savings so will definitely be over the inheritance tax limit.