00:00A will is the way. If you die will-less, it's what's called the intestacy laws that govern what happens to your assets.
00:06Now, crucially, if you are not married or in a civil partnership, if you are cohabiting but not married,
00:12your partner is not entitled to any of your assets under the law.
00:15Full stop. So here's the intestacy laws. This is England and Wales. It does vary in Scotland and Northern Ireland.
00:21You have to go and look on Gov.uk, how it works for you. And this is just a simplified version.
00:25Your spouse gets all your personal assets, you know, your furniture, the stuff, all those stuff.
00:29And they get the first £322,000 of your estate and half the remainder.
00:33The other half of the remaining estate goes to your children.
00:35That's what happens in England in simple terms if you die without a will.
00:40Now, if you're married and you die will-less, it may cost you unnecessary inheritance tax
00:45because you might want to leave everything to your spouse.
00:47And that would be the most effective way to use inheritance tax.
00:50But it's not all going to your spouse. It's going to your children or your grandchildren instead.
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