Without a Will, the intestacy rules in England and Wales decide who inherits. A spouse or civil partner takes everything; otherwise the estate goes to parents, then siblings (or their children if a sibling has died), then half-siblings, grandparents, aunts and uncles, cousins — and finally the Crown.
- An unmarried partner inherits nothing, however long you have been together. Godchildren, friends and charities are left out too.
- The £175,000 residence nil-rate band only applies when your home goes to direct descendants. Step-children, adopted and foster children count; nieces and nephews do not. Many childless estates lose it.
- The answer: a Will naming the people you choose, executors who are able and willing, a plan for who runs your business or portfolio, and a Lasting Power of Attorney so someone you trust can step in if needed.
Having no children gives you freedom — use it.
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Six short reads each week on tax, Wills, family wealth and running a business, from John Ireland. Since 1996, three decades of protecting families.