No will? Here’s what to do next
Dealing with a death of a loved one sure isn’t easy – and when it comes to sorting out the estate of the deceased person, it can be made even harder if they haven’t left behind a will and testament explaining how they want their estate to be divided. It is believed that 31m Brits are at risk of dying “intestate”, as it is known. But what should you do if you inherit the propertyof such a person?
Before deciding what to do, it’s first worth looking at what you can’t change: the law. Intestacy law is complex, and there is absolutely no guarantee that it will respect the wishes of the person who has passed away. Married partners are first in line, but those who are unmarried and living together are not. Even in the case of marriage, it’s not a guarantee. If the estate is over £250m in value, children may also get a defined cut – meaning that you may not be able to keep all of your home and could have to sell it, even if you were married to the deceased person at the time. A qualified solicitor can help you in this regard, and it may well be worth engaging the services of one who can help.
In the event of inheriting or becoming responsible for an estate which does not have the golden guidance document that is a will associated with it, you may find that you want to simply dispose of as many of the assets as possible – as quickly as possible. With the process looming out ahead of you and posing a risk of sapping months and months of time, it is often judged to be better to move fast and sell up wherever possible as it will cut down on the administrative burden you are likely to face in the future. Property cash buyers could help here, as they have the funds to make swift purchases.
National Property Trade can take properties off your hands in as little as one week in some cases. Find out more about it here.