So, what does this all mean?

Let me set out for you the above…

The first consideration is whether you are married, if you are married and your spouse or civil partner survives you:

• If the whole Estate is worth £250,000 or less
  • your surviving spouse or civil partner will inherit your entire Estate
• If your Estate is worth more than £250,000
  • your surviving spouse or civil partner will inherit the first £250,000

• • The remainder will be split as follows:
    • your surviving spouse or civil partner will receive a life interest in HALF the remainder (above £250,000)

• • • The other half to be split between any surviving children (if your children predecease you, leaving children of their own, your grandchildren will inherit their parents’ share.

If you are NOT married then the order of inheritance is as follows (in equal shares):

• Living Children / Grandchildren / Great Grandchildren*
• Living Parents
• Siblings*
• Half-Siblings*
• Grandparents
• Uncles and Aunts*
• Half-Uncles or Half-Aunts*
• THE CROWN

*If the person listed prior to the * has predeceased you but has surviving children

then their children will inherit in their place.

In the list above, no-one further down the list can inherit if the group above can inherit, therefore, if there are no living children, grandchildren, great-grandchildren or parents then your siblings would inherit (or their children should your siblings have predeceased you). Your grandparents would NOT inherit however, as the group above them have.

You will see ‘THE CROWN’ at the bottom of the list. Yes, that’s right…if you leave no family (set out in the groups listed) then your whole Estate will pass to the crown – is that what you want?

The best and only way to ensure that your money goes exactly where you want it to and to who you want it to, is to get a Will in place.

If you would like to have a FREE chat about getting your Will in place, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121