Island Life Magazine Ltd April/May 2010 | Page 31

property Island Life - April/May 2010 LEGAL ISSUES Allowing an intestacy to arise could prove costly! Photo: Mark & Terence Willey An intestacy is when someone dies is set out in the 1925 legislation which without leaving a Will and the effectively meant that his wife was The real problem that arises with an Administration of Estates Act 1925 (as entitled to all his personal chattels, intestacy is where there is no surviving amended) sets out the rules governing a statutory legacy in the sum of wife or husband or children; then the distribution of those parts of an estate £250,000.00 and a life interest only in order of entitlement is strictly pursuant which do not pass to a surviving joint half of the residue of his estate with the to the legislation. Invariably, and in my tenant or nominee. other half being divided equally between experience, such statutory entitlement the surviving children. would not have met with the approval of I recall many years ago, that for some years prior to his death, I continued to However, the Act expressly excludes nature as referred to above. an individual in making a Will. recommend to a client of mine, being money and items used by a deceased a very successful business man with for business purposes in applying this everyone should make the effort numerous assets, involving commercial entitlement. Needless to say the case to complete a Will and particularly property, that he should address making became argumentative and protracted whilst you are fit and able to do so a Will. Sadly, despite such relatively and involved very high legal costs before and moreover ensure that as family regular reminders to him, he was always a final resolution was agreed. circumstances change, it is regularly too busy to set aside sufficient time. All of this could have been avoided had The moral therefore must be :- that updated. He died suddenly leaving numerous he made a Will providing for his wife to Whatever the extent of your assets in assets constituting both residential and be the beneficiary of the majority of his life, it is surely very important that their commercial properties and money in his business and other personal assets. This ‘destination’, following your death, is sole name. He left a wife and several was deprived of her under the intestacy precisely where you intended? grown up children, some married, all that arose on his death. of whom unfortunately did not get on In circumstances of there being no Unfortunately too many people do not prioritise making a Will in their lives, well together and in particular with their children; then a wife or husband would which ultimately can prove very costly mother. still only receive a statutory legacy of upon their death. The surviving wife and children £400,000.00 plus the deceased’s chattels entitlement under such intestacy arising excluding money and items of a business Terence Willey & Company., Lawyers and Commissioners for Oaths (incorporating Malcolm Daniells & Company and The Bembridge Law Practice) Telephone contact Terence Willey 01983 875859 or Mark Willey 01983 611888. www.terencewilley.co.uk Visit our new website - www.visitislandlife.com 31