When it comes to inheritance, many people assume their assets will automatically pass to their loved ones. However, if you don’t have a valid will in place, your estate could be distributed in ways you never intended. In the UK, this process is governed by intestacy rules, which dictate how an individual’s assets are allocated when they pass away without a will.

Understanding these rules is crucial for individuals and families alike, as they can lead to unexpected – and sometimes undesirable – outcomes.

Intestacy rules serve as a default mechanism for estate distribution, but they may not always reflect the deceased’s intentions. It’s essential for individuals to be proactive in estate planning to ensure their assets are distributed according to their wishes.

By creating a valid will, individuals can ensure that their assets are distributed according to their wishes, rather than relying on intestacy rules, which may not fully reflect their intentions. It’s a proactive step that provides peace of mind and helps avoid potential conflicts among loved ones.

Stay Informed – Laws Can Change

Intestacy laws are subject to legal updates and amendments. To ensure your estate plan remains valid and effective, consult a legal professional regularly.

Bona Vacantia

Each year thousands of people in England and Wales die without making a will. If there is no immediate next of kin to claim an inheritance, the estate is guarded by the Government’s Bona Vacantia Division (BVD). This estate is held in “trust” and if no heir is found the estate passes to the crown.

There are currently over 5,000 unclaimed estates listed on the bona vacantia list, dating back as far as 1980. Do you recognise a name on the list? https://www.bonavacantialist.co.uk/search

Claims for an individual’s estate with the Bona Vacantia Division must be within 30 years of the individual’s death. Claims made within 12 years of the completion of the administration of the estate will include interest payments paid on top. Claims initiated beyond this period will not accrue interest.

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