What happens to my money without a will?

[user160522]

I'm in my 30s, got a house with a small mortgage that should be paid off in the next few years as I've been working my butt off for it.

I also have a lot of other savings/investments on the side.

I don't currently have a will and haven't really thought about it as I'm single and I have no kids.

So my question is, if anything did happen to me, what would happen to my house? And all my funds?

My next of kin would be my parents and my sister. Would they all get an equal chunk?

It would go on the rules of intestacy.

From what I remember, if you have no children your parents get the first, say £75000, and thé remainder is divided among parents, siblings and, I imagine, grandparents. I'm sorry if I'm completely wrong, but my last exam on this was in the 90s.

If, by some horrible chance they die before you, HMRC get the lot.

Make a will if you don't want that to happen.

I think it would all go to your parents.
Your siblings only inherit if your parents are both dead. (I think)

I believe there is a hierarchy of how it is split and is laid out in strict intestate rules

1. If you have surviving parents it's split equally between them
2. If you have no parents then it is split between siblings in equal shares - if a sibling has already died their share gets split between their children
3. Half siblings - same as above If one has died but has children
4. Grandparents
5. Aunties or uncles- same as above if one has died but has children
6. Half aunties or uncles - same as above if one has died but has children
7. The crown

They basically work down the list so if you don't have anyone is 1-5 then a half uncle or half aunt or their kids could inherit.
That's why you should have a will - do you really want your assets to go to people you've never met or only distantly related to. I'd rather donate to charity

Here are, op - www.gov.uk/inherits-someone-dies-without-will/y

The wonders of Google!

www.gov.uk/inherits-someone-dies-without-will

If you die with a will it’s much easier for those left behind to complete probate

without a will it makes it more difficult, at a time when they are grieving and having to arrange a funeral etc

Thanks everyone. I think I'm going to make sure I get a will sorted ASAP.

I’m glad I did it. I’ve no parents, no kids, no siblings, no spouse, no aunties or uncles, no grandparents. If I died intestate then it would go to first cousins I’ve not seen in 25 years. When I added up my estate if I died tomorrow it gave me a bit of a shock - with life cover, house death in service benefit etc it came to £500k. I really don’t want my family anywhere near it, so it’s going to godchildren. It’s given me massive peace of mind.

What is the easiest and cheapest way to get a Will done? We keep not getting round to it as it feels complicated, expensive. Or both. (Married with 2 kids).

You can find a solicitor participating in Will Aid month and pay a suggested £100

www.willaid.org.uk/

Can I hijack a bit as everyone seems so knowledgeable, what happens if you have not made a will but left a letter of your wishes. This letter is not witnessed or been made by a solicitor. Is the inheritance still split as above?

Keep wills up to date too, I inherited from a quite distant relative because everyone listed in their will had sadly died by the time they passed.

A will would make things tidier. Also for tax purposes and other purposes it's probably preferable to leave everything to your sister rather than your parents. The OP could probably get away with a DIY will on a WH Smith form saying "everything to my sister X as long as she survives me for 30 days failing that to her children, failing that to my parents, failing that to Battersea Dogs Home".

If it is a very simple will then look out for solicitors that do a charity will deal, quite often they are linked to local hospices ( hoping for a donation, but not obligatory) or other charities. Amnesty do one usually around October. It might cost you a donation, I think mine was about £50 a few years ago but cheaper than a dispute over a poorly written home made one.

With kids you need to think about what age you want them to inherit, if funds can be accessed for university etc , who will be guardians/ executors etc. Also think about if surviving partner remarries .

If you don't have a legally valid will then you are intestate and your estate passes as per the government tool above. However if your surviving relatives know your intention and agree they may choose to give up their shares and redistribute them according to your wishes - this is called a variation, and for tax purposes it is just as if you'd made the will that way. But nobody can force the legal beneficiaries in intestacy to give up their share, they'd need to volunteer.

It’s not worth the paper it’s written on. A will can be hand written, it needs to have your full name on, to be dated, to say that it supersedes any earlier will, be witnessed in your presence by 2 witnesses with nothing else written below their signatures.

Thank you!!!

Wills are free in the UK:

www.nationalfreewills.net

I'll be your godchild 🙏🏻😂😂😂 seriously tho that's lovely

In short yes (above is for England though- it’s different in other countries).

What’s a half uncle/auntie?

Parent's half-sibling.

That made me think for a moment or two haha. I assume it would be the half sibling of one of your parents.