The state of dying intestate is one where an individual passes away without having made a legal will to direct the distribution of their estate and assets after their death. This can be a greatly disadvantageous situation for surviving spouses and family members, for a number of reasons:
- Obtaining Letters of Administration and appointing administrators for the estate can take a substantial period of time (months or even years).
- A surviving spouse may be unable to access the money in the estate for this period of time.
- The estate will eventually be split according to standard procedure, which means that the assets may be distributed in a manner that is not according to how the intestate individual would have chosen.
- Additional costs for dealing with the intestate situation will likely be paid out of the estate.
As a result, it can be considered that making a will and avoiding dying intestate is very important, both in providing for your loved ones after you pass away and in ensuring that your estate is given to the people you choose rather than split up according to procedure. It is easy to make a legal will and the costs of doing so are likely to be far less than those involved in the handling of an intestate estate, as well as helping to mitigate the effects to inheritance tax in diminishing the value of the estate that will be passed on to your family.
For information on inheritance tax and intestate matters, you can have a free, no-obligation first consultation with qualified professionals by filling out our online form. We will put you in touch with a group of expert UK financial consultants who will seek to help with your inheritance tax situation.