If someone passes away having not made a will, they are said to have died intestate. In these circumstances the rules of Intestacy apply and these determine who will benefit from the assets held in your estate. Depending on the value of your assets, this will affect who receives what. This flowchart will assist you in resolving which family members are likely to inherit. The best way to control who your assets pass to is to make your will.
However, we find that a number of people do pass away having never made a Will and at MFG Solicitors, we can assist your family in dealing with all aspects of an intestate estate.
- Obtaining valuations of their assets.
- Arranging for any Inheritance Tax, Income tax or Capital Gains Tax due to be paid.
- Completing the necessary papers to obtain Grant of Letters of Administration.
- Collecting in any monies and paying off the outstanding liabilities.
- Carrying out the Conveyancing work to sell the property.
- Distributing the money in accordance with the rules of Intestacy.
It may be that beneficiaries of the Intestacy Will require tax advice or need to do some Inheritance Tax planning of their own such as by way of a Deed of Variation to direct their inheritance to other family members.
Please do not hesitate to contact us should you wish to discuss any of the issues raised above and should you have any other questions following someone’s death.
You may also find the following Intestacy Rule Flowchart document useful.