Any property that is jointly held between you under a joint tenancy, such as your home and any joint bank accounts, will usually pass automatically to the surviving owner under the rules of survivorship. If you are unsure of the way property is held, you should seek advice in this immediately to ensure you are protected.
However, any other assets that fall into the estate may not all pass to your surviving spouse. If you are married with children and you die without having a Will in place, under the Intestacy Rules your spouse is entitled to the first £125,000 of your estate. The situation then becomes more complicated if there are assets over and above £125,000 because if you have children, they will also be entitled to a share of the residue. This could mean that the spouse will not be inheriting everything as they thought.
This is a very real and common situation that is happening more frequently. People’s assets have grown considerably in the past few years with rising house prices. This means that a lot of married couples have fallen into this trap of having assets over £125,000 in their estate. A Will leaving everything to each other simplifies the situation and ensures your spouse is entitled to the whole of your estate if that is your wish on your death.
If you want to make provisions for your loved ones then give us a call on 0800 294 4892 or fill out our online contact form. Our Wills and Probate department are always on hand to help.
