Jargon Buster:
Issue children, grandchildren, great grandchildren
Residuary estate what is left after payment of debts, taxes, administrative fees, probate costs, and court cost
Personal Chattels tangible movable property eg. your personal possessions things like cars, jewellery, furniture, books etc Does not include money, or property used mainly for business purposes.
1. Deceased leaves surviving spouse or civil partner and surviving issue (children, grandchildren)
Where the deceased is survived (for more than 28 days) by his/her spouse or civil partner and issue, then the residuary estate is dealt with as follows:
- Personal chattels pass to the spouse or civil partner
- A statutory legacy of £250,000 (or if the residuary estate is less than £250,000 all the residuary estate) is payable to the spouse or civil partner
- Whatever is left after the first £250,000 is split into two. The first half passes to the spouse or civil partner and the remaining half is shared between the issue on the statutory trusts
- The spouse or civil partner can ask the deceased’s personal representatives to appropriate the matrimonial home to him/her in satisfaction of their entitlement.
2. Deceased leaves surviving spouse or civil partner (but no issue)
- The spouse or civil partner inherits everything.
3. Deceased dies at any time leaving no surviving spouse or civil partner but does leave blood relatives
- The order as to which of those relatives inherits is set out by the intestacy rules.
4. Deceased leaves no blood relation
- Where someone dies without a Will and with no blood relation, their estate passes as bona vacantia to the Crown, the Duchy of Lancaster or the Duke of Cornwall.