If you were me would you have a will ? - Page 12

 


There's no "automatically" about it, at least not in NY. For example,
if you have designated someone other than your spouse as a beneficiary
of a life insurance policy (although spouse must sign off on that),
that person receives the money when you die, will or no will.

If there is no will the estate goes through probate. All bets are off
if that happens.

Oh, and only in a few marriages are all assests held jointly. It's
extremely unusual for ALL assets to be held jointly. Maybe never-
worked-stay-at-home-wifies (are there still any of those?) would like
it that way, but those of us who have supported ourselves for our
entire lives actually have our own assets, in our own (not hubbie's)
name. Less than 50% of women who marry take their husbands' names
these days. Welcome to the 21st century.

 


Typically a couple would own the house as joint tenants so the
survivor owns it regardless of the will, but you say that you own the
house TinC so the survivor will not inherit the house automatically -
it goes by the will or by the intestacy rules if there is no will.

See here for what happens if you don't have a will:
http://www.hmcourts-service.gov.uk/infoabout/civil/probate/why_will.htm#int=
estacy

Without a will only the first £250,000 goes to the widow. the rest
goes to the deceased's children 9with widow getting the interest from
half of it).

You don't say what the poportions of ownership of the house are, but
if it is 99% yours, for example, then without a will she would not
even inherit the whole house.


Robert
IANAL