A man has passed away without a will, leaving behind his wife, two daughters, and living parents. The assets that he owned solely amount to £600,000, including his family home valued at £450,000, personal belongings worth £30,000, and £120,000 in bank accounts.
Which of the following options accurately describes the heir to the man's estate?
A man has passed away without a will, leaving behind his wife, two daughters, and living parents. The assets that he owned solely amount to £600,000, including his family home valued at £450,000, personal belongings worth £30,000, and £120,000 in bank accounts.
Which of the following options accurately describes the heir to the man's estate?
The estate will be divided between the man's wife and two daughters in accordance with the intestacy rules.
(E) When a person dies without a valid will, the rules of intestate succession apply. In such cases, the estate will be divided among surviving family members according to these rules. If the deceased is survived by a spouse or civil partner and issue, the estate will be divided between them.
The surviving spouse takes personal chattels, £322,000 of statutory legacy, and half of the residue, while the issue takes the other half. In this particular case, the man's wife and two daughters will be entitled to share the estate, as he's survived by them. The man's parents have no claim to the estate under the intestacy rules.
Therefore, options (A), (B), (C), and (D) are incorrect.