Will disputes and ownerless goods
Did you know that if you die without leaving your estate to anyone, it may end up in the hands of the Government or Royal Family? This is because of a law dating back to the middle ages that stipulates that ownerless goods go to the treasury but if the deceased was within the jurisdiction of the Duchy of Lancaster or Cornwall, it goes to the Duchy of Lancaster or Cornwall i.e. Prince Charles!
Needless to say, most people would rather their assets go to a loved one or a family member instead of the Government or The Royals. Last year the Duchy or Lancaster and Cornwall received £3.36 million and £552,000 respectively from these ancient laws. In addition the treasury received a hefty £38.5 million from intestate estates where there were no close relations found to allocate the estate under intestacy laws.
The obvious step is to make a Will, yet most surveys suggest around half the UK adult population has not done so.
Where things can get complicated
Wills are especially important as modern families become increasingly fragmented with some people electing for cohabitation instead of marriage or having children from other partners that are not legally recognised as descendants. For example there have been cases where illegitimate children are unknown to the rest of the family, but appear step forward as beneficiaries once the parent has passed away. If the will leaves “everything to my children” without naming them, then anyone who can prove they are the son or daughter will inherit.
Will disputes also arise from second marriages, where it can be hard to make sure the will is fair, watertight and does what it is intended to do. As an example, a man marrying for a second time who has children from the first marriage might grant a life interest to his wife to remain in the home for as long as she lives (subject to paying for its upkeep), with the property passing to the children from the earlier marriage when she dies. However, this may leave the wife stuck with no income, a costly house to maintain and a potential claim under the Inheritance (Provision for Family and Dependants) Act 1975.
Don’t let your assets be assimilated
So, how can you make sure that your assets reach the people you want it to? Well, the simplest way is to have a Will written that clearly states your wishes on how your assets are treated after you pass away. Making a Will is never going to be at the top of most people’s things to do but it is wisest not to put it off. The key is to get the best advice from competent Wills and probate solicitors to ensure the whole circumstances have been considered and to avoid a Wills dispute after death.
Redress Law specialise in contested Wills and probate. If you are unfortunate enough to have need to contest a Will you have a limited to do so and should take expert advice at the earliest opportunity.
Lowri Bryer By Lowri Bryer
