Image courtesy of Flickr_Sheila Sund

How millions have themselves at risk by failing to plan for their assets

More than anyone else, parents and grandparents should avoid the pitfalls of not preparing a will.

It’s a shocking statistic, but around 27 million adults in the UK have failed to prepare a will.

This can have serious consequences, especially if you’re a parent. Dying without a will means the law will simply run its course, often against your wishes. It’s a huge risk that can leave you powerless over your assets.

More than anyone else, parents and grandparents should avoid the pitfalls of not preparing a will.

It’s a shocking statistic, but around 27 million adults in the UK have failed to prepare a will.

This can have serious consequences, especially if you’re a parent. Dying without a will means the law will simply run its course, often against your wishes. It’s a huge risk that can leave you powerless over your assets.

Why A Professional Will Is Essential

The technical term for passing away with no valid will is ‘dying intestate’. If this happens your money, possessions and property will be divided up according to the law, and your loved ones could stand to inherit nothing.

For instance, if you are unmarried and die ‘intestate’, your partner would by law receive nothing. If you have children this can complicate things further, as the law often places them above your partner in the pecking order – and if you have children from a previous marriage they could be completely passed by too.

Put simply, dying without a will means you have no control over who stands to inherit your hard-earned assets. Even worse, if you pass away with no close relatives, this could pass automatically to the government, who claim millions of pounds from this every year.

By writing a Will and making sure you review it when your circumstances change, you are safeguarding your loved ones from unnecessary future emotional stress and financial worries in the event of your premature death. Click here to find out more about writing a Will.

 

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