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
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