What happens to your home if you die without a Will?
Posted: Thursday 15 December 2011
What happens to your home if you die without a Will?
It was reported recently in the media that the Scottish Government is planning to make a change to the rules on intestate succession - that is, where someone dies without leaving a Will.
Under current rules, if a person dies without leaving a Will, their surviving spouse will only be automatically entitled to the house if the deceased's share is worth under £300,000. This threshold is likely to be increased to £473,000, to reflect the fact that property values have risen since 2005 (that year being when the threshold was last increased).
Sue Hunter of Morton Fraser comments: “This is undoubtedly good news, and better reflects the values of peoples' estates, but we would still stress the importance of making a Will, to avoid an intestate situation altogether.
One-third of people do not have a Will, and this can leave their families facing a particularly traumatic situation when they die. By making a Will, you are ensuring that all of your estate passes to the people you want it to go to, as well as making sure the administration process is quicker, more cost-efficient, and more certain for your surviving family.”
This is of particular importance when remarriage, cohabitation and children are involved as there are many myths surrounding this area of entitlement upon death.
Morton Fraser has a team who specialise in Wills and can advise you of the legal implications surrounding your specific circumstances. Alternatively, you can drop in to our regular Morton Fraser Café for the opportunity to find out more in an informal environment.
Sue heads up our Private Client Division. She specialises in asset and estate protection, particularly lifetime tax-planning schemes and tax-efficient Wills. As an expert in financial planning, Sue helps clients find the most profitable solutions for their needs.
Read recent media report from The Scotsman here.
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