Who gets your money if you die without a will?
Intestacy?
If you die without a valid will in place, this is called intestacy. Remember that a will that is not prepared or signed correctly may not be valid - so not taking advice in order to save the cost of having a will professionally prepared can be an expensive mistake!
So who gets your estate?
The following summarises the position in England and Wales. Different rules may apply elsewhere in the British Isles. This is a very brief overview, and must not be construed as a definitive or complete summary of intestacy law
If you're married with no children: your widow or widower gets the first £200,000 plus chattels, and half of what is left. The rest goes to your parents if living, otherwise your brothers and sisters or their children if they have died. Only if there are no such living family members does your spouse get everything.
If you're married with children (or grandchildren from children who've died before you): your widow or widower gets the first £125,000 plus chattels, and a life interest in half of what is left. Your children get the rest at the age of 18, and the fund providing your spouse's life interest on his or her death.
If you're not married but have children or grandchildren: your estate goes to your children (or their children if any of them die before you).
If you're not married and have no children: your estate goes, in order of priority, to:
- your parents if living, otherwise
- your brothers and sisters if living, and their children if not, otherwise
- your grandparents if living, otherwise
- your aunts and uncles if living, and their children if not, otherwise
- the Crown.