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Estate assets may include:<\/strong> Liabilities may include:<\/strong> Jointly owned property and possessions<\/strong> There are two ways that a person can own something jointly with someone else:<\/strong><\/p>\n As tenants in common (called \u2018common owners\u2019 in Scotland)<\/strong> As joint tenants (called \u2018joint owners\u2019 in Scotland)<\/strong> Partial intestacy<\/strong> Intestacy arises in all cases where a deceased person fails to dispose of some or all of his or her assets by Will; hence, the need to review a Will when events change.<\/p>\n","protected":false},"excerpt":{"rendered":" What you need to consider Before preparing a Will, a person needs to consider what possessions they are likely to have when they die, including properties, money, investments and even animals. Before an estate is distributed among beneficiaries, all debts and funeral expenses must be paid. When a person has a joint bank account, the… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts\/4666"}],"collection":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/comments?post=4666"}],"version-history":[{"count":0,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts\/4666\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/media?parent=4666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/categories?post=4666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/tags?post=4666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u2022 A home and any other properties owned
\n\u2022 Savings in banks and building society accounts
\n\u2022 Insurance, such as life assurance or an endowment policy
\n\u2022 Pension funds that include a lump sum payment on death
\n\u2022 National Savings, such as Premium Bonds
\n\u2022 Investments such as stocks and shares, investment trusts, Individual Savings Accounts
\n\u2022 Motor vehicles
\n\u2022 Jewellery, antiques and other personal belongings
\n\u2022 Furniture and household contents<\/p>\n
\n\u2022 Mortgage(s)
\n\u2022 Credit card balance(s)
\n\u2022 Bank overdraft(s)
\n\u2022 Loan(s)
\n\u2022 Equity release<\/p>\n
\nArranging to own property and other assets jointly can be a way of protecting a person\u2019s spouse or registered civil partner. For example, if someone has a joint bank account, their partner will continue to have access to the money they need for day-to-day living without having to wait for their affairs to be sorted out.<\/p>\n
\nEach person has their own distinct shares of the asset, which do not have to be equal. They can say in their Will who will inherit their share.<\/p>\n
\nIndividuals jointly own the asset so, if they die, the remaining owner(s) automatically inherits their share. A person cannot use their Will to leave their share to someone else.<\/p>\n
\nThis can sometimes happen even when there is a Will, for example, when the Will is not valid or when it is valid but the beneficiaries die before the testator (the person making the Will). Intestacy can also arise when there is a valid Will, but some of the testator\u2019s (person who has made a Will or given a legacy) assets were not disposed of by the Will. This is called a \u2018partial intestacy\u2019.<\/p>\n