Welcome to Just Answer
I am a Solicitor and will assist you today.
You are correct in your logic that a will is a good idea
If you were to pass away without a will - you would be considered as having passed intestate.
This would mean that
your wife keeps all the assets (including property), up to £250,000, and all the personal possessions, whatever their value.
The remainder of the estate will be shared as follows:
so there would be provision for your wife in any event.
But if you want to clarify your wishes - a will is the best option.
be aware that if you made a will and:
-no provision was made for your wife - then she can make a claim under the inheritance act for provision.
- no provision for your daughter and she was still a minor and /or dependant on you as an adult - then she could make a claim under the inheritcance act for provision.
so a will isnt fool proof but it is the best way to record your position and this will be upheld but for the above.
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Just to clarify - of you did nothing - ie made no will - then that it hen the rules of intestacy apply and your wife gets the first £250k and half of the rest - the other half of the rest going to your daughter.
If you did make a will but you didn't provide for either your wife (if you are still married) or your daughter (if she is still a minor and/ or dependant on you) then they could both try and contest the will - so you need to think about this when making your will - to provide for them both.
If you were divorce - then even if your house is in your sole name - your wife could make a claim in respect of the matrimonial finances. This would include your house. As a general rule division is 50/50 for a marriage over 5 years. If you divorce you should make a new will.
let me know if I can clarify anything for you.