Why Make a Will When You Are the Last Person Who Would Benefit?
Why make a Will when you are the last person who would benefit?
Recent figures released by the Citizens Advice Bureau showed a two fold increase in the last 5 years in enquiries about Intestate estates. This followed the untimely passing of Prince who died without leaving a Will, whilst the way the law impacts upon his estate will be a matter of US law, the uncertainty for the loved ones left behind will be familiar to many families here if this trend increases.
You can decide what happens to your estate when you die and so that those you care about are aware of your wishes. It is not just having assets to leave; do any of these apply to you?
- You have minor children
Who will care for them if anything happens to you? In a Will you can appoint a guardian Anything you want to leave them will have to be looked after for them if they are under 18. In a Will you appoint an Executor and they can look after the money for your child whilst they are underage
- You cohabit with your partner
They do not have any automatic right to inherit from you if you die without a Will. Without a Will it will be the law that says where your assets go when you die and it makes no provision for cohabitees.
- You have no close family
A Will is vital! The Intestacy rules could result in your estate being divided between remote relatives who you may never see and if there are no relatives - Bona Vacantia, it passes to the Crown and I have yet to meet anyone who wants that!
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