Don’t let the Crown cash in because you put off making a will
by Laxmi Mall
Prince Charles, otherwise known as the Duke of Cornwall, collected over £1 million last year from people who passed away in Cornwall without leaving a will or any surviving relatives. There are a lot of risks if someone dies without a will. Your estate may be inherited by relatives who you are not fond of, or your property may even go to the Crown. Making a will is the only way to ensure that your money, possessions and property will be dealt with according to your wishes.
It can be daunting to even think about making a will or planning for the future, but it is important that you do not leave it too late. If you die without a valid will, you will be ‘dying intestate’. When someone dies intestate, their property (or their estate) will be subject to the intestacy rules. A person who dies with a will but the will is invalid because it does not meet the strict requirements of the Wills Act 1837, will also be subject to the intestacy rules.
What are the intestacy rules?
When someone dies without a valid will, their estate will be divided according to the strict rules of intestacy. Only married partners or civil partners and some other close relatives can inherit according to these rules.
In England and Wales, the assets will automatically pass to the spouse or civil partner of the deceased. If you have an unmarried partner or a close friend who is not a relative, and you wish for them to benefit, it is important that you have a valid will otherwise they will not be able to benefit according to the intestacy rules. It is important that you have a valid will so that the wrong family members do not benefit.
Bona Vacantia
If an intestate person was unmarried and has no living relatives, their entire estate will go to the Crown. These unclaimed assets are known as ‘bona vacantia’ and assets that are bona vacantia pass to the Crown, except in Lancaster and Cornwall, where they pass to the Duchy of Lancaster and the Duchy of Cornwall respectively.
It is also imperative for business owners to write a will. Property, cash and any other assets owned by a company automatically pass to the Crown when the company is dissolved. A company can be dissolved in two ways: either because the Registrar of Companies strikes the company for failure to comply with its legal obligations, or the company can be dissolved after a formal liquidation by its members or creditors.
If you are considering making a will, contact one of our knowledgeable Wills Solicitors today on 01494 773377 or hello@lennonssolicitors.co.uk. With Lennons, you can feel confident that your will meets all of the formal requirements and that it has been validly executed. Our solicitors in the Wills and Probate Department are able to assist both individuals and businesses.