The Business Bulletin
I haven’t got a will – but I’ll be ok right? Yes you will, that is because a will does not come into effect until you pass away so the problems that arise from not having a will are not yours to solve. Your family and close friends on the other hand…
■ Personal Representative. In a
Let’s look at this from a different
care of your children under 18.
perspective and consider what
Without a will there is much
will you can choose who acts
happens if you die without a will.
less certainty over this process
as Executor and Trustee and
Your finances are covered by the
– who brings your children up
so you decide who is in charge
rules of intestacy, these are fairly
is up for negotiation after your
of sorting out your estate and
complicated and set out who inherits,
death, hopefully this can be
looking after the assets for the
this will depend upon whether you
resolved amicably between
beneficiaries. Without a will
are married or not and whether you
your family and friends but
the rules of intestacy set out
have children or not. In particular
this may not be and worse
who has to take on this rule
the rules of intestacy only recognise
case scenario social services
and this again may not reflect
relationships of blood, marriage, civil
have to get involved. In any
your wishes.
partnership and legal adoption.
event your children may not
If you are married the first
end up living with who you
£270,000 of your estate passes to your spouse along with all your personal possessions and anything over this is split with 50% going to the surviving spouse and 50% being split equally between any children of the deceased. In a moment we will look at some examples and consider how these rules might be problematic. Before then I want to mention some of the other problems that arise from not having a will: ■ Guardians for minor
would want them to. ■ Age of inheritance. If under the inheritance rules there is someone under the age of 18 who is due to inherit the money will be held on trust for them until they are 18. However, at 18 they get everything, depending upon how much this is and the person themselves this may not be a good thing for them. Inheriting a large amount of money at 18 to do with as you
children. You can appoint
wish can be problematic and
guardians in your will who are
in some cases cause more
responsible for the physical
problems than it solves.
Issue 7 – Operations and Resources | 13
