Wills and settlements

uhygfgdfs

First off apologies for the downbeat nature of this post.
Curious as to how long after someones death does it take for their will to be settled.
Doing college project and trying to figure something out, also how does someone divide their assets in wills?
Does everyone who knew the deceased get an even share or is it just dependents - IE granddaughters and grandsons?

Sleepy

People divide their assets however they see fit in their last will and testament. If they die 'intestate' (without a will), their assets are automatically given to either their spouse or if their spouse is dead, divided equally amongst their children.

Can't tell you how long it takes though... luckily, I've never had to find out.

Rb

uhygfgdfs wrote:

Does everyone who knew the deceased get an even share or is it just dependents - IE granddaughters and grandsons?

AFAIK No it's not divided by everyone who knew the deceased. It is written in the will how their assets are to be divided up and to who they are given to.

funk-you

The last will and testament of Funk-You as witnessed by ................. and ..................

I would like to leave my butler: You There a pittence, to be paid in 20 equal installments of 1/20th of a pittence. I would like to leave whoever-my cds. I would like to leave Insert name my house etc...etc...

Signed: Funk-You
Witnessed by: Someone
Witnessed by: Someone else

---

Thats the general layout of a will, you decide who gets what and what portion of it they get. it's signed by two witnesses and recorded by a solicitor.

If there's no will your worldly goods are directed to your spouse, if no spouse then you children, if no children your closest living relative. if there is a will the solicitor *should* contact you after a grieving period(not long) or you can contact them to inform them of the death. if there isn't one it could take a while to locate all assets and go through the legal process of claiming said assets.

Thats about as much as i know.

-Funk

Jimi-Spandex

If someone dies with a will, that will decides who gets what, when it is divided and distributed is basically when the executor of the will actually does it. This can vary depending on how well specified, they type of assets it deals with and many other variables, could be a couple of months could be a couple of years if it is very complicated.


If someone dies intestate i.e. without a will, then the estate is distributed according to the Succession Act 1965:

Position

Legal Outcome

Married - no children

Spouse takes all

You are married with children

Spouse takes two thirds - children take one third between them

You are married with some children living and with some grandchildren - children of a deceased child

Spouse takes two thirds - children take one third between them with grandchildren taking their deceased's parents share

You are married with no children living but with some grandchildren - children of several deceased children

Spouse takes two thirds - grandchildren take one third between them - all equal shares

You are single - no children - two parents survive

Parents take all - equal share

You are single - no children - one parent survives

Surviving parent takes all

You are single - no parents - no children - brothers and sisters survive

Brothers and sisters take all between them in equal shares

You are single - no parents - no children - brothers and sisters survive - some brothers and sisters have died leaving children

Brothers and sisters take equal shares between them with the nephews and nieces taking their deceased parents share

You are single - no parents - no children - no brothers and sisters survive - some brothers and sisters have died leaving children

The nephews and nieces taking the entire between them in equal shares

Our man in Havana

What if u leave absolutly no one? Does Felix the cat become rich?

stevenmu

Bond-007 wrote:

What if u leave absolutly no one? Does Felix the cat become rich?

I vaguely remember hearing something about a government run fund for this kind of thing, it gets redistributed to charities or I think.

Maximilian

If you are really interested, read this