What happens to assets if a family dies on holiday?

[worriedmama24]

We're going on holiday and we don't have a will. I know, I know. It's on my list. Even when I've thought about a will though, I've only considered leaving everything split between my children.

God forbid if a family died - Parents and children. What happens to their assets? Would they go to the parents families?

If you're in England or Wales this chart explains it quite well:

https://www.theprobateservice.org/interstacy-rules-flowchart/

Sorry forgot to say, in Scotland

The chart doesn't explain what happens if both parents and children died though

It would depend who had died first I think? Not sure if there is an assumption made. I think you'd need pretty specialist advice!

This thought prompted me also lately.

I realised that no one would really know our financial situation or anything and it would probably make sorting the estate alongside funeral planning etc difficult.

I've written up a document with the basics on such as where our accounts are, savings, life insurance, mortgage, pensions etc. And also basic funeral instructions. Its kept in a place in our house and i've told key relatives where it is should they ever need it least it should make it slightly easier to sort stuff out.

Might be worth considering. Also i always remember a friend whos mum died suddenly saying the most difficult thing was she didn't know what she wanted or where anything was. So at least by expressing this it might help someone even a tiny bit.

I just googled it and looks like the elder is presumed to have died first so it would end up being the intestacy rules applied to your youngest child. This is not my area of expertise though (I am a lawyer but wrong sort!).

It does. If they are also deceased the answer to 'do they have children is 'no' so parents if alive inherit.

It would depend on the order of death, if that can be established. So if one of the family survives for a few days/hours/even minutes and the others are killed instantly - they inherit from everyone else, and then assets go to their closest relative.

It's always wise to make a will,especially if you have children.everyone thinks it won't happen to them , but it can and it does

Well it kind of does, you assume the no children route. So ot would be any surviving parents. But it can be very messy if there is no Will, get that sorted out.

It used to be the assumption that the older partner died first, not sure if it still applies

I find it interesting that it notes that the children of aunts/uncles (so, cousins) inherit if the aunts/uncles are already dead but skips over nieces/nephews if brothers/sisters are already dead.

Sorry, doesn't answer the OP's question, which does seem to hinge on timing/presumed timing of death. Though, actually, assuming no half-siblings in the kids, it doesn't really matter - it goes to the parents of the OP and his/her spouse (though which grandparents get it is a question).

Thanks all. So in a situation like mine, there's two of us plus two children. If we all died in a plane crash God forbid, then it would go to my parents and my partners siblings? His parents have passed.

I don't think it is that simple @worriedmama24 I am not an expert in this field, But my understanding is that a decision would need to be made as to who died first and last. Scotland's laws on intestacy are complicated and are different to those of England and Wales.

I assume, but again I don't know, that if all 4 of you died together, and it isn't possible to tell who died first, your youngest child would be deemed to be the last to pass. The intestacy rules would apply then to the 'youngest' child's surviving relatives in a strict order. Assuming both children are also your partner's children as well as yours, because that would change things too.

BUT as you are not married to your partner, this will probably have an impact on the intestacy rules too before you reach the above scenario, depending on how your current financial circumstances are managed. Scotland's rules have been amended in the recent past and there are still plans to change some of them

You won't find anyone on here who can tell you exactly what will happen though - it will depend on a lot of things as I've said. It's not worth not having wills written to be honest. It doesn't cost a fortune to have wills written - especially if they are mirror wills.

It's complicated but if it's known who died first then the other partner briefly inherits, if it's not known I read it assumes the oldest died first. In the scenario of whole family the youngest inherits everything then rules of intestate apply to them. Other jurisdictions will have different rules. The good news is, you won't have to deal with it! It's easy to write a will though, type up your wishes, sign it in the presence of two non related witnesses who aren't beneficiaries - if you have complex personal situations then professional help may be needed but most people are ok with DIY

After the taxman, executors, mortgage company, utility companies, debtors, repatriation, insurance. And any funeral costs have got their share.

Thanks all. We're actually married but I don't know why I refer to us as partners lol 😆 our children are both of ours.

@Cel119 haha! We're a happy family. Its complicated but we have a sum of money in our possession which doesn't belong to us but as long as it went to our families, they are aware and would sort it out.

We need to get a Will written as soon as we're back.

P.s having a great holiday ☺️

Glad the holiday is going well @worriedmama24 .

Just make sure you have good insurance that covers repatriation. From experience, that is hellishly expensive.
Enjoy your holiday and get Wills sorted when you get home.

Assuming that you and your husband would leave everything to your children in your wills, making wills wouldn't actually help in this situation, assuming your children wouldn't have made wills...

ts complicated but we have a sum of money in our possession which doesn't belong to us but as long as it went to our families, they are aware and would sort it out.

Doesn't sound at all suspicious

Well this was my original question, apparently if they couldn't determine who died last then it would be assumed that the youngest died last and then the rules of intestacy would apply. I've not got a clear cut answer yet but looks like it would go to my parents / siblings,.. which now thinking about it would be my dc's grandparents / aunts uncles so now I'm not so sure,,,

Lol 😁