26 May 2020
According to a recent survey, two in five UK homeowners don’t have a will. (Which?)
What does this mean?
• Your property could pass to the wrong person when you die.
• Difficulties in administration of your estate.
• Your partner might not inherit your property – property will automatically be left to children.
• If there are no children or a spouse, the property will be left to other relatives starting with parents and moving onto siblings from there.
• Tracking down relatives could take time and the property could fall into disrepair.
• You have no choice over who the executor of your estate will be.
• If you are a joint homeowner, your share could be inherited by someone who doesn’t share your vision of how the property is to be managed.
• If you own a property abroad, then the country law will determine how inheritance is distributed unless you have a will in place.
A will is essential in turning your final wishes into action. If you do not decide who to leave your assets to, then it will get decided on your behalf according to country rules.
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.