Dying with out a Will

margaretclare

Jazzieboy wrote:

Hello again ... another thought ! ( I know you all aren't legal experts but it does help to have someone elses thoughts on this !).
Our house in joint names so surely if there were to be a claim it would only be on half of it as the other half is mine ?.

With the property in joint names it ALL (i.e. 100%) belongs to BOTH of you. Whichever dies first, the survivor is the owner of all of it, not half.

What you're thinking of is the alternative to joint tenancy - tenants-in-common. With this, both own half and can leave their half to someone else (sometimes done if the total estate is large enough to attract inheritance tax).

In our case, the property was in my name alone, then after I remarried we put in into joint names. Whichever one of us survives the other is the 100% owner. While we both live we both own 100% - confusing isn't it.

HTH

Aunty Margaret

Becles

Make a list of accounts, insurances and other investments, and keep it with your will.

My Uncle died last year and was a "rate tart", so kept moving his money around accounts. He wasn't very good at record keeping and my Aunt thinks some money might be in an account somewhere, but hasn't a clue where. She's just waiting for annual statements etc., to come through the post to see if that provides any clues.

crossleydd42

Jazzieboy wrote:

Hello again ... another thought ! ( I know you all aren't legal experts but it does help to have someone elses thoughts on this !).
Our house in joint names so surely if there were to be a claim it would only be on half of it as the other half is mine ?.

It depends on how the house ownership was sorted out when you first bought it. If you own your house as 'tenants in common' each half is owned by each party. Most people's houses are owned as 'joint tenants' however, which can cause problems, especially if one party goes into a home, but also relationship/separation/divorce.

I believe that a change can be made merely by notifying the appropriate Land Registry for the area. I expect that googling would find the answer.

Poppy9

Becles wrote:

Make a list of accounts, insurances and other investments, and keep it with your will.

My Uncle died last year and was a "rate tart", so kept moving his money around accounts. He wasn't very good at record keeping and my Aunt thinks some money might be in an account somewhere, but hasn't a clue where. She's just waiting for annual statements etc., to come through the post to see if that provides any clues.

And don't do what my father did - hide money in the house. We found £1200 (15 years ago) hidden in the lagging of the tank. My sister had a hunch that he kept cash in the house for emergencies - even though he was a savy businessman. My OH who also ran his own business and thought on the same wave length found it straight away. Would have been a nice bonus for the new house owner !

milla

--Extracted from

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http://www.lawontheweb.co.uk/basics/wills.htm#Do I really need a Will?

Dying without leaving a Will (intestate) - Who gets what?

If you die without leaving a valid Will then the law decides who gets what? Here is a guide to what would happen.

If you have a lawful spouse (ie you are legally married)
If your estate is worth less than £125,000 then your spouse gets everything.
If your estate is worth more than £125,000 and you had no other surviving relative (eg children, grandchildren, parents), then your spouse will still get everything.

If you have a lawful spouse, plus children
If your estate is worth less than £125,000 then your spouse gets everything. If your estate is worth more than £125,000 then your spouse would get £125,000 and a life interest (ie the right to take interest on the remainder, but not the capital itself) in half of anything over this sum. Your children would get half the sum over £125,000 immediately and be entitled to the other half on the death of your spouse. Should any of your children die before you then their children would be entitled to take their parent's share.

If you have a lawful spouse, no children, but parents/brothers/sisters/ grandparents/aunts/uncles
If your estate is worth less than £200,000 then your spouse gets everything. If your estate is worth more than £200,000 then your spouse would get £200,000, plus half the balance. The remaining half goes to the other relatives in this order of priority - parents; brothers/sisters; half brothers/sisters; grandparents; aunts/uncles; spouses of aunts/uncles.

If you are not lawfully married, but have had children
Your estate will be shared between the children. Should they die before you then their children would take their share.

If you are not lawfully married, have no children, but have parents or have had brothers/sisters/grandparents/aunts/uncles
Your estate will be shared equally amongst them in this order of priority - parents; brothers/sisters; half brothers/sisters; grandparents; aunts/uncles; spouses of aunts/uncles. If any of these have predeceased, but have living children then the children will take their parent's share.

If you are not lawfully married, and have no other relatives
Your estate will go the Crown

It should be noted that these rules on intestacy do not recognise "common law" partners, and that "children" includes natural ,adopted and illegitimate children, but excludes step-children.


The figures are possibly out of date but I expect the rules are the same

Bossyboots

As far as I am aware, those figures are not out of date.