Intestacy – where there is no Will
Intestacy is applicable to an estate where the person has died without leaving a Will. The rules can be surprisingly complicated – so make sure you have all the knowledge you need to prepare for any eventuality.
PROTECT YOUR LOVED ONES
Many assume that their spouse would automatically inherit their estate, so there’s no need to make a Will, However, if you die without a Will, how much your spouse inherits will depend on the value of your estate. Any children you have may also be entitled to inherit a share of your estate. Other family members can inherit if you do not have a spouse.
Inheritance tax
Inheritance tax may be payable on your estate (which includes property, possessions, and money) worth over £325,000. If you leave everything above this threshold to your spouse, civil partner, charity, or community sports club, you may not be liable to pay inheritance tax, which is 40% of any value above £325,000. A reduced rate may be applicable if you leave in your Will at least 10% of the estate’s net value to a charity.
Tax threshold
If you give money and valuable possessions to people and you die less than 7 years later, they may be liable to pay inheritance tax. If you give a spouse or civil partner a home, they may not be liable to pay inheritance tax. If you leave a property to someone in your Will, this is counted as part of the value of your estate. If you leave it to your children, then the tax threshold may rise from £325,000 to £500,000.


DO YOU NEED ADVICE ON INTESTACY?
Contact our experienced solicitors at Cleaver Thompson Solicitors in Alfreton and Clay Cross. We also assist on probate and administering estates, plus powers of attorney.
ALFRETON OFFICE
5 & 7 King Street, Alfreton, Derbyshire, DE55 7AE
Tel: 01773 301858
CLAY CROSS OFFICE
6a Eyre Street, Clay Cross, Derbyshire, S45 9NS
Tel: 01246 865048