Don't Die Intestant! The Importance of a living will.

When a person dies without a legal will, they are known as an intestant person. There are several rules that are in place for just such occasions. The government has put these rules in place so that the heirs to any assets are recognized and are given a fair share according to the rules. The problem with the rules is that they may not be fair afteThe rules of intestacy as they apply to married persons are pretty straightforward and easily understandable. If you are legally married or you are living in a legal civil partnership, you will receive a portion of the estate. If the estate is worth more than $250,000 the spouse will receive the first $250,000 and all of the personal property belonging to the deceased partner. You would also receive half of the remainder of the estate for use for life. That portion can never be sold or spent, but can be used by you for the rest of your life.

In the case of joint property ownership, you will be entitled to your spouse’s half of your home or property if the property is held as a beneficial joint tenancy. If the property is held as tenants in common, if your spouse dies without a will you won’t receive the other half of the home automatically. Any bank accounts, pension accounts, or society accounts you hold together will be automatically inherited by the surviving spouse as long as those accounts are held jointly.

Let's take a ficticious example Brenda and James. They are married and living together for several years in a small cottage that was held in James’ name only. They have a son named Charles. The home is worth $265,000 and the bank account holds another $35,000. The total $300,000 is above the limit, which is $250,000 so Brenda, the wife, and Charles, the son, each receive half of the estate that was left when James passed away. If the property had been held in joint tenancy, Brenda would have received the entire estate because the home would automatically belong to her and the remaining estate is less than the threshold amount.
Where a couple is gay or lesbian and living as civil partners in a legal union, they would fall under the marriage laws. If, however, the couple is not legally living as a couple, they cannot assume that the inheritance will go to the surviving partner no matter how long they have been together. The same laws also apply to the joint holding of property. If a flat or home is held by the partners in beneficial joint tenancy, the surviving partner automatically receives the deceased partners half of the home. In a tenants in common situation, that is not the case. Just as in the married couple’s instance, the property would be divided between the surviving partner and the remaining blood relatives. This can cause quite a stir when the surviving partner lives in the home, which is now an asset of the estate to be divided.

Without a will, the COURT will decide the outcome of your estate and determine the guardianship of any minor children. You may leave loved ones with problems and headaches that will need to be resolved in probate court. Plan for the future with a Will Kit!

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