Writing a will is very important in case you pass on. When you die without a will, it means you have not disposed some or all your assets
as per your wishes. Will writing is crucial as it gives you an
opportunity to divide your assets the way you want to when you pass on.
If you are not sure about how you can do this, you can always get will
advice from a lawyer or an expert. However, if for some reason you die
without a will, there are a number of things that will happen.
What happens to your assets?
Most people believe that when they die without a will, the government
will repossess all their assets. This is not true. The only way the
government can take your assets or get involved in your estate
management if you die without a will is if you don’t have any next of
kin alive. If you have surviving family, then the assets will be divided
based on a specific legal formula to all your kin. The formula is very
simple and will be executed in the following ways:
· If you leave behind a wife or husband with no kids, they will inherit everything you had
· If there are children involved, the first assets worth
$150,000 will be given to the spouse (wife or husband) and the rest will
be divided equally between the children.
· If there is no surviving spouse, the entire value of assets will be divided equally among children.
· If the spouse and children are not available, then the next
of kin will inherit everything. Sometimes a search may be done just to
find the next of kin. This may include grandparents, uncles and aunts,
brothers and sisters or any other half blood siblings.
· If the next of kin cannot be traced, the government will have no choice but to repossess the estate and all assets.
It is important to note that your children don’t have to be born from a
legal marriage to earn a right to inherit your assets. The best way to
avoid these situations is to have a will and perhaps even life insurance
to take care of your loved ones. A will ensures that your assets are
distributed according to your wishes once you die. For more will advice
please call us today or check out our website http://www.mortgageadviceservices.co.uk/Labels: will advice, will writing, will writing services
