Help guide Myth-busters #11 – I’m married or in a civil partnership, so if I die without a Will my spouse just gets everything By Rachel / 2 minutes of reading This is one of the most common misconceptions we hear from people who do not have a Will, and do not think they need one. If you die without making a Will, then the Intestacy Rules will apply to who receives your property and other assets (called your ‘estate’). This means that your estate could end up passing to people you do not want to inherit. These rules differ depending on your marital status when you die, and the people you leave behind.* Whilst it is true that your spouse or civil partner will receive something, they will not necessarily receive everything and this is why it’s so important to make a Will. If you are married or in a civil partnership when you die (regardless of whether you live together), your spouse will receive the first £250,000 of your estate together with your personal belongings (called your ‘chattels’). Anything over this amount will be divided between your spouse and your children, if you have them. If therefore your estate is collectively worth, say, £500,000, then your spouse will receive a total of £375,000 and the children will share the remaining £125,000 between them. Another important factor to consider if you don’t already have a Will is inheritance tax. If money is passing to children, it could be subject to inheritance tax. Whereas, if you want everything passes to your spouse on your death then there will be no inheritance tax to pay at all. This means that not having a Will in place could cost you more than you expect. If you’d like to get an idea of how much inheritance tax could be payable on your estate, take a look at our quick and simple inheritance tax calculator. If you do not have any children on your death, then your spouse or civil partner will receive everything. That said, it is always best to leave a valid Will, so that you can set out exactly what you want to happen to your estate when you die. By doing this, you can avoid paying more inheritance tax than you need to, avoid disputes between loved ones, and, above all, ensure that your wishes are carried out as you would want them to be. *Please note that this post applies only to England and Wales, the law in Scotland and Northern Ireland is different. Need further help? For more information about making a Will, contact one of our reassuring experts today Get in touch Further reading Myth-busters The Myth of ‘Common Law’ Marriage Many couples in the UK choose to co-habit but not marry or have a civil partnership. Some do so under the belief that they will be protected by the fact that they have a “common law marriage” and will be treated much the same as a married couple in relation to tax, inheritance and many other issues. Myth-busters Myth-busters #1: Lasting Powers of Attorney are only for people with Dementia This is not true. Dementia and Alzheimer’s disease are not the only reasons why someone might need to act as your Attorney in the future. There are many reasons why you might decide to put Lasting Powers of Attorney (LPAs) in place. Myth-busters Myth-busters #2: Trusts mean you won’t need Probate or pay Inheritance Tax This is something we hear regularly from clients. They might have attended a seminar and been told to put all their assets into a Trust whilst they’re still alive, to circumvent the need for their Executors to get a Grant of Probate when they die. Sometimes, they might also be told that assets in the Trust won’t attract any Inheritance Tax. Unfortunately, this is not always the case. Help Guides Ready for clear, reliable legal advice? Contact us for straightforward advice that makes things easier, saves you money, and gives you peace of mind. Contact us