When you die without having a will, it means you died intestate. In such an occurrence, the state law is the one to decide how the property you left behind will be distributed. The property to be distributed includes your securities, bank accounts, real estates and other assets that were under your name during the time of your death. In some community property states, your community property will be given to your spouse or domestic partner. Any other property that you may have owned in a joint tenancy will automatically be given to your joint partner. Any property you owned in trust will go to the beneficiaries, but this is subject to your spouse’s share. However, any property that is under your name alone will be given to the persons named in the laws of your state.
Every state has it’s own regulation concerning how intestacy should work. However, the law will distribute your property based on the following guidelines:
>If you had a family (spouse and kids), your property will be divided among them
> If you had a spouse or domestic partner and parents/ siblings, but did not have any children, depending on the state you come from, all your property will be given to your spouse. But in other states, your parents and siblings will be included in the share.
> If you had children but didn’t have a spouse, then the property will be shared among your children
> It you didn’t have either a spouse or children, in some states, your parents will get your property whereas in others, your sibling will also get a share.
> If you didn’t have spouse, kids or parents, your property will be shared among your siblings.
> If you didn’t have any of the above that is kids, spouse, parents or siblings, then your property will be given to your other relatives including your grandparents or aunts and uncles. If they are not available either, then your property will go to your nephews and nieces.
> If you did not have any family or relatives, your property will become the property of the state where you resided.
Remember all these rules only apply to married and civil partners and your other known close relations can inherit your property under intestacy rules. If maybe you had a will, but the state laws considers it to be legally invalid, intestacy rules will come in and decide how your property should be divided out, but not the according to the wishes you had expressed in your will.
“…won’t benefit the environment”
The motor industry has been grabbing headlines over recent months but among the coverage has been a great deal of inaccurate theories and perceptions. The Society of Motor Manufacturers and Traders has developed MotorIndustryFacts.com as a portal to gain truthful insight into the UK automotive sector.
Below are a selection of the inaccurate comments we have seen about the industry and the detail needed to help separate the fact from the fiction.
“A scrappage scheme won’t benefit the environment.”
Fiction: A scrappage scheme won’t benefit the environment.
Fact: The average car is 14.5% cleaner than a pre-2000 model. Taking older cars off the road and replacing them with greener alternatives will reduce road transport emissions.
In 2008, average UK new car emissions fell by their biggest ever rate. The fall of 4.2%, nearly three times the average was achieved steadily throughout 2008 as an increasing array of environmental products were launched. Although the number of cars on the road and average journey distance may have increased, emissions from road transport continue to fall.
Cars now account for just 11.5% of the country’s total CO2 emissions, largely resulting from new technology and improved fuel consumption delivered through consistent fleet renewal which scrappage incentive schemes aim to encourage. Regardless of the new model, its emissions will be considerably less than the one it is replacing.
Owners of properties can safeguard their investments by going in for buildings insurance for landlords. This insurance covers the owner for any loss or damage to the property. Items that are kept on the property can also be included in this coverage.
Landlords are quite safe if any catastrophe that befalls their property from natural causes like hailstorms, windstorms and lightning. They can also obtain cover for theft, incidences of fire or damaged caused by smoke. Damage to property caused by any anti-social activity can also be covered. Homes are often vulnerable to floods due to defects in plumbing or other reasons, or short circuits in electricity systems. Any damage caused by these events can also be covered by buildings insurance for landlords. Landlord insurance can also cover damage to property posed by the wrong actions of people who have rented the property.
The items kept within a property can be covered by insurance that offers the cash value of any damaged goods and where the depreciated value of the item is reimbursed. If you require being compensated for the replacement value of the damaged item, premiums can be higher. Premiums on landlord insurance are paid quarterly, half yearly or annually depending on the policy and the cover required. Landlords owning many properties can get substantial discounts if all the policies are taken out by the same insurer for each of the properties.
Serious problems that arise for landlords who rent out a property comes from tenants defaulting on their payments. You can also get a separate insurance for landlord rent guarantee which can safeguard a landlord from the defaults. Each renter has to have a separate policy, and insurance companies may require vetting them before they provide the necessary cover. This insurance gives a landlord immediate protection when a tenant defaults on the rent payment. There are often a ceiling on values, and you can arrange for cover for six months or a year. Payment is made within a fortnight of the default, and some insurance policies will also offer to take on expenses for any legal action needed to evict the tenant. Premiums are the one off type and have to be paid for each tenancy agreement.
Landlords must decide on the insurance cover they want to take after taking all factors into account. It can always help if an exercise is undertaken, to determine costs and likely risks and benefits, and then decide on the insurance.