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What do you think they will consider when settling an estate?

2 replies

margo1974 · 18/01/2007 14:17

When this man died he left no will

He has 2 families - He lives with his wife every other weekend and his mistress for the rest of the time.

His wife has adult children, his mistress has an 11 yo.

(I think)He had mortgages on both properties, a car at each address.

Not a completely honest person with either parties.

He would go on holiday with both women (obviously, not at the same time) Was on holiday with his wife when he died.

They are starting to go throught the legal procedure now.

Married over 30 years, been with mistress for 20.

OP posts:
Oati · 18/01/2007 14:23

from BBc

The law sets out clear rules for what happens to your estate - property, personal possessions and cash - if you die without a will.

Passing away without a will is known in legal parlance as dying intestate and the rules that govern the distribution of the estate in such circumstances is known as the law of intestacy.

Under the Administration of Estates Act 1925 the spouse and children do not automatically receive everything in the deceased's estate.

There is a strict pecking order under the Act for deciding who gets what.

The surviving spouse is treated harshly by the intestacy rules.

Where the deceased leaves a spouse but no children, the spouse receives:

  • All the personal chattels such as a car, furniture, clothes and jewellery
  • A legacy of £200,000 and one half of the balance outright
  • The remaining balance then passes to various relatives; first to the deceased's parents if either are still alive but if not then equally amongst brothers and sisters

Where there is a spouse and children, the spouse receives:

  • All the personal chattels
  • A legacy of £125,000 and the income from one half of the balance
  • The rest passes to the children on reaching 18

All this can leave the spouse and the children with a financial headache, typical problems include:

  • If the matrimonial home is in the deceased spouse's sole name, this may often have to be sold to satisfy the various family claims
  • Where there are children they are likely to receive very little, unless the estate is worth several hundred thousand pounds
  • Inheritance tax may be due if the value of the estate passing to the beneficiaries, apart from the spouse, is worth more than £285,000 (2006/2007 tax year)
Oati · 18/01/2007 14:27

more here

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