Research published in 2010 strongly suggests that Britain suffers from "wills apathy", with more than 30 million adults failing to make provisions for when they die. This is despite 92% of people surveyed having a “firm idea” of who they would like their assets to pass to.

The Government has a set process in place for deciding who gets what from an estate if there is no Will called the rules of intestacy (meaning when someone dies without having made a will). Ultimately if there are no relatives or no one comes forward with a claim on the estate then the government can receive 100% of your assets.

This state can also decide where minors (children below age 18) are placed. This may not be the family or friend you had in mind. Without a Will how are the government to know who parents preferred guardians are? This is not always simple or clear.

The only way to control where your estate, wealth, and children end up after you die is to put plans in place now.

This is so important it deserves repeating: If you die intestate the State effectively decides what happens to your wealth. If you have children the state could also decide who looks after them in the event of both parents dying. This could be an unsuitable or unwilling relative, or in a worst case scenario this could even result in being placed in social care.  Dying intestate may well leave your loved ones in a costly, uncertain and stressful position at the worst possible time.

Planning the ultimate distribution of your estate, protecting your assets by making a Will, and when relevant, establishing trusts are some of the most important things that you will ever do. By preserving your hard earned wealth and putting your affairs in order you will make a significant difference for those people who matter to you most.

 

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