Wills and Lasting Powers of Attorney
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Many believe that they have no need to make a will, because they believe that their marriage partner will automatically inherit if something should happen. This is not necessarily the case. Where there are children, the spouse will receive £250,000 (or £400,000 if no children), plus personal chattels and a life interest in half the balance, this will include the marital home unless it is in joint names (technically as Joint Tenants, not as Tenants in Common).
Those who make a will have virtually complete freedom to decide how their assets are left. This can be important in inheritance tax planning, helping to avoid paying too much.
NB different rules apply in Scotland
How an estate is distributed without a will
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The remaining half goes to the relatives in this order of priority: half brothers/sisters, grand parents, aunts/uncles.
Also, although Scottish law is similar to English law, there are major differences, the most important being that close relatives have more automatic inheritance rights.
Last updated on April 7, 2010