If valid Will is left by a deceased person then assets will be passed to the beneficiaries as directed by the deceased person. However, if there is no Will left by the deceased person this is known as ‘intestacy’ and the assets will be passed under special rules laid down by law.
There are some assets which do not fall within the remit of the Will of the deceased person and cannot be bequeathed by a person in his/her Will. The following are some examples of such assets:
1. Assets that were held in the joint names of the deceased and another person where the assets were so held with the intention of benefiting the surviving person
2. Assets which were not fully owned by the deceased person. For example where the deceased person only had a limited interest, such as a life interest.
3. Certain life assurance policies and pension schemes where the deceased had nominated a beneficiary separately under the policy or scheme.
4. Certain accounts with financial institutions eg/ credit unions where the deceased had nominated a beneficiary.
In the case of an Asset passing outside of a Will or on Intestacy, the production of a Death Certificate of the deceased party may be necessary for the asset to be transferred into the sole name of the beneficiary.
We are here to help. Please do not hesitate to telephone us at 091 – 586760 or email us to discuss assets that may pass outside a Will.