Island Life Magazine Ltd February/March 2014 | Page 112

Roach Pittis advice coffee break. advice. Roach Pittis Solicitors, 60-66 Lugley Street, Newport, PO30 5EU t.01983 524431 - e. [email protected] . By Ian Bradshaw Intestacy – make a Will! H enry dies without a will on the January 28, 2014. His family history is as follows: • Henry divorced his first wife Catherine after the birth of their daughter Mary. • Henry’s second wife Anne predeceased him after the birth of their daughter Elizabeth. • Henry’s third wife Jane predeceased him after the birth of their son Edward. • Henry’s fourth wife Anne divorced him without having had children. • Henry’s fifth wife Catherine predeceased him without having had children. • Henry’s sixth wife Catherine survived him without having had children. Under the present law of Intestacy which governs the administration of Henry’s estate the division of his assets where his whole estate is worth £500,000 112 www.visitilife.com clear of all debts is as follows; a) Sixth wife Catherine receives all Henry’s possessions. b) Sixth wife Catherine receives the first £250,000. c) Sixth wife Catherine receives a life interest in half his remaining estate being the right to income for life on £125,000. (Henry’s remaining estate is £250,000 total). Provided the children (Mary, Elizabeth and Edward) attain the age of 18 they will inherit the following: d) Half of the remaining estate (£125,000) equally between them. e) The other half of the remaining estate (£125,000) left to Catherine on her death as she was only entitled to the income. Unfortunately for Henry his son Edward died before he was 18 unmarried without children. f ) On Edwards’s death his share would be split equally between Mary and Elizabeth when they become 18. It should be noted that if Henry only had assets worth £250,000 or less that would all pass to sixth wife Catherine. The children would not inherit. These rules apply to a death leaving a spouse and a child or children surviving. If there is no spouse then the surviving children stand to inherit. Other rules apply to other situations. Henry actually wished to leave some of his estate to his favourite organisation The Church of England but alas as he made no will the Law of Intestacy dictated the final result. Ultimately to ensure your final wishes take effect the solution is to make a Will.