Joint assets (such as joint bank accounts and homes owned as joint tenants) automatically pass to the surviving owner, whereas solely owned assets pass according to the terms of your Will or, if you do not have a valid Will, under intestacy rules.
If you have a valid Will that names your partner as the sole beneficiary, they will receive everything, provided they have not died before you.
If you do not have a valid Will, your estate (excluding jointly owned assets) will pass in accordance with intestacy laws.
The current intestacy rules state that:
- If you have a surviving spouse and no children, your spouse is entitled to receive your entire residuary estate.
- If you have a surviving spouse and children, your spouse is entitled to take all your movable personal items and £322,000 worth of assets.
- If your estate exceeds £322,000, the amount above that threshold will be divided into two shares: your spouse will receive 50% of the excess, and the remaining 50% will be divided equally among your children.
- If you do not have a spouse, your residuary estate will be divided among your children.
- If you do not have children or a spouse, your estate will pass down the chain of intestacy to other relatives, such as parents, full siblings, half-siblings, grandparents, and so on.
Your spouse will only inherit under intestacy rules if you are legally married or in a civil partnership. Therefore, cohabitees or fiancés are not entitled to inherit under intestacy rules.
In summary, if you do not have a Will, it is not guaranteed that your partner will inherit everything. Having a Will ensures that your wishes are followed and provides certainty for your family.
How Churchers Can Help
At Churchers, our lawyers provide a specialist Will-writing service, ensuring that your estate is managed and distributed in accordance with your wishes, giving you peace of mind for the future.
Our experienced team can provide clear advice, handle the paperwork, and ensure that everything is in place. Call us on 01329 822333.
https://www.churchers.co.uk/services-individuals/wills-probate/
