The answer is No. It is a common misconception that when a person dies their debts die with them.
When a person dies their debts are paid off from their assets at the time of death. If their debt exceeds their available assets then the estate will be insolvent.
When the estate of the deceased is insolvent, gifts and legacies cannot be distributed to the beneficiaries under the Will.
The intestacy rules would apply to your estate and your partner would receive nothing under these.
Read more Wills & ProbateInheritance tax is charged at the rate of 40% on the value of your estate above the allowances available. The …
Read more Wills & ProbateFirstly you will need to break the news to friends and relatives, register the death and organise the funeral. It …
Read more Wills & ProbateYou should record your contribution and the way in which you would like the future proceeds of sale to be …
Read more Wills & ProbateYou can appoint one or more relatives or close friends to act as guardians and assume parental responsibility. Always discuss …
Read more Wills & ProbateYou should both make Wills to ensure a fair division of assets if one of you dies shortly after the …
Read more Wills & ProbateYou can set aside money for her using a Discretionary trust, which will not affect her entitlement to state benefits.
Read more Wills & ProbateUnlike an intestacy, where children must take their inheritance at 18, if you make a Will you can specify at …
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