What happens to your money if you pass away without a Will?

If you do not have a Will in place, you risk your loved ones not getting your wealth in the way you want once you die.

Without a legal document to outline your wishes, allocating your estates after death can involve a lengthy legal process.

Banks can release cash from a deceased person’s accounts, but there is a cap on the total amount, and money can only be granted on a discretionary basis. Plus, the cap amount varies between banks.

Last year, a study found that only four in 10 UK adults have a Will despite owning a property.

So, what happens to your money if you do not have a Will?

Intestacy rules are put in place if someone dies without a Will and control who inherits what assets from the person who passed.

However, the deceased person’s bank accounts are immediately frozen, leaving the allocation of the estate to be done at a later date.

To obtain the assets, your loved ones can enter into legal disputes over the beneficiary distribution. But to avoid any inheritance conflicts that can cause added stress and upset, it is best to ensure you draw up a Will containing information about how you want your assets allocated in the event of your death.

Why not start today? Contact us for advice on drafting your Will.