Wills
1 May 2008
Planning for death can seem a bit morbid when you put it that way, but we all have to die some day and most of us would rather leave things in an orderly state than an unholy mess – so plan we must.
First, you need to think about your Will. What are you going to pass on to your family? What is going to happen to your property? Who is going to benefit? What will happen to your children if you die before they reach maturity? How can you be sure your wishes are carried out?
All these questions can be answered fairly simply and easily if you have a legally recognised Will and have specified exactly who gets what.
But things are very different if you die without making a Will. Then, your property (known as your ‘estate’) is governed by the ‘rules of intestacy’, and these rules can seem very harsh indeed.
For example, it can take simply ages for your dependants to access the money you have set aside for them.
The more money you have, the more complex your financial affairs are likely to be.
Even superstars are not immune. From James Brown - the godfather of soul, to Luciano Pavarotti - the man with an angelic voice, the rich and famous have also been known to leave things in a bit of state.
Remarkably, over half the people in the UK die ‘intestate’ – that is, without a Will. They plan to get around to it one day, but somehow never do. Others do make a Will, then file it and forget it, which can be just as bad. So check your facts and check your files and update your Will today.
Check out the Basics for more on Wills.
