| Have you ever considered what would happen to | | | | equally (or their children if they have |
| your property when you die? If you have made a | | | | predeceased). Any unmarried partner would need |
| will, there is every chance that the people you | | | | to make a claim against the estate under the |
| want to will get control of your estate, including | | | | Inheritance (Provision for Family and Dependents |
| your investment property. | | | | Act 1975) to seek financial provision from the |
| If you have not made a will, then it is quite | | | | estate. |
| possible that the commercial or residential | | | | If a person dies unmarried with no children the |
| property portfolio that you have built up, | | | | whole of the estate will pass to the relatives of |
| maintained and arranged landlord insurance on, | | | | the deceased ranging from parents, through |
| over many years, could end up in the hands of | | | | siblings to more remote relations. If there are |
| the "wrong" people; even the Crown, in some | | | | none, the money goes to the Crown. |
| circumstances. | | | | The way the intestacy rules operate highlights the |
| For example, unmarried couples (who are not in a | | | | need for unmarried couples or families with step |
| civil partnership) have virtually no rights | | | | children (who are only covered by automatic |
| whatsoever. There is no such thing as a common | | | | entitlements if adopted by the person who dies) |
| law marriage, for legal purposes. | | | | to make a will. Otherwise they are still not |
| If a person dies intestate with a surviving spouse | | | | provided for under the intestacy provisions. |
| or civil partner and children the spouse/civil | | | | The cost of making a will need not be high. The |
| partner is entitled to £250,000, the deceased's | | | | cost of not doing so could be suffering for those |
| personal possessions and a life interest in half of | | | | you care most about. |
| the residue of the estate. The children will be | | | | Of course, planning who gets your money at your |
| entitled to half of the residue immediately and the | | | | death also allows you to consider how to minimise |
| other half on the spouse's death. | | | | the potential impact of inheritance tax on your |
| If a person dies intestate leaving a spouse or civil | | | | estate. After all, even if the Crown is not going to |
| partner but no children the spouse/civil partner is | | | | get your entire estate, you could well become a |
| entitled to £450,000 plus the personal | | | | 40% taxpayer when you die, if your estate is |
| possessions. The spouse is also entitled to half of | | | | more than £325,000 (up to double for a married |
| the residue immediately, with the other half going | | | | couple or civil partners). Advance planning can |
| to relatives of the deceased ranging from | | | | reduce the impact. |
| parents, through siblings to more remote relations. | | | | It is important to seek independent professional |
| If there are none, the money goes to the Crown. | | | | advice before making any decision about your |
| However, if the person leaves a spouse only and | | | | property owners' landlords insurance quote as well |
| no siblings, nephews or nieces then the spouse will | | | | as your financial obligations. You should always ask |
| be entitled to the whole estate. | | | | your insurance advisers what experience they |
| It works differently for those not in a relationship. | | | | have of dealing with residential and/or commercial |
| If a person dies unmarried with children, the | | | | rental property insurance. |
| children will be entitled to the whole of the estate | | | | |