With reports showing that almost £1 billion has been left ownerless this year due to a lack of wills, it goes to show how many people neglect estate planning. We have discussed previously reasons to write a will as soon as possible, but it seems that many are still unprepared.
What If I Don't Have a Will?
If a person dies without a will in place, banks are required to freeze their accounts until a beneficiary is decided. They are allowed to release funds at their own discretion, if the figure falls below the amount set in the bank’s guidelines. This amount can vary from £20,000 to £30,000 depending on the institution. If the funds left in the deceased’s account exceed this limit, those managing the estate must apply for a letter of administration from the government.
According to research published this year, an astonishing number of adults in the UK do not have a will in place. Almost 90% of under 35s, two thirds of 35-54 year olds and 36% of over 55s do not have a will. This is particularly concerning when 92% of people claim that they have a firm idea of where they would like their money to go after death.
There is, of course, a solution to this. Rather than run the risk of the government claiming your estate, or have a family member not receive the amount of money you would like, make sure you write a will as soon as you can. Charles James can help you when planning your estate, and can provide advice on managing your finances. You can get in touch with us here, and start making your will today.