Life Interest Trust (for any type of asset) Sheffield
What Is A Will?
Why Should I Write A Will?
What Happens If I Don't Have A Will?
If you die without a will, you are considered intestate, this means that any assets you have will be distributed in line with the Inheritance and Trustees’ Powers Act 2014. This could mean that your wishes regarding your assets in the event of your death may not be fulfilled, and the people that you wish to inherit these, may be unable to. For example, if you are a UK resident married with children, and your estate is worth over £250,000, your partner will only receive £250,000. The remainder of the estate will also be inherited by your partner, but they will only receive half of the remaining estate. This will be subject to a life interest, and means that your partner will be unable to spend this, instead they will only be entitled to the interest that is accumulated. The remaining value of the estate will be inherited by any children that you may have. However, if your estate is worth less than £250,000 then your children will not be entitled to anything. If you are a single person with no children, then any family members will be allowed to inherit various shares of your estate. This means that you would have no control over which family members took shares of the estate. If no family members were to claim any of your estate, then the government would be legally allowed to claim this.