This 12-minute video covers the importance and benefits of making or reviewing a Will, what it covers, repercussions of not having a will, intestacy implications & pointers when writing a will. We all know it is important to write a will, but do we really understand why, or the implications of not having a Will in place? It may be good for the taxman and individuals within the legal profession, but it very rarely allows your possessions to go exactly where you wanted them to go, and the losers are usually your family and friends.
A will or testament is a legal document that expresses a person’s wishes as to how their property is to be distributed after their death and as to which person is to manage the property until its final distribution. If a Will is not in place, then the government (intestacy rules) will decide how a deceased person’s estate is divided and allocated. The most common misunderstanding is that in the event of death, without a Will, your whole estate would pass to your spouse or civil partner, but if you have young children this is not always the case.
Further guidance is available at Intestacy – who inherits if someone dies without a will? – GOV.UK (www.gov.uk)
(Link: https://www.moneyalive.io/forms/60ab721adafb4 – Wills)