Wills - Property on Death (1)

Question 1

Which property does not pass via will or intestacy on death?

Answer 1

Property on Death: When an individual dies, it is important to determine the property that passes by will or intestacy, and property that does not. There may still be an inheritance tax liability, however.

Property Independent of Wills or Intestacy
Independent Property: Assets will generally pass by will or intestacy, unless:

(1) Joint Property: Property held as joint tenants in equity will pass by survivorship.

(2) Life Policies to Others: Life assurance policies written out to others will be paid to those others.

(3) Pension Scheme Benefits to Others: Pension scheme benefits, such as a death in service benefit, written out to others will be paid to those others.

(4) Trust Property: Property held by the deceased as a trustee will devolve according to that trust.