The courts are often called upon to sanction treatment for patients whose ability to make...
Recent research from insurance provider RIAS has revealed that more than 8 million Britons over the age of 50 are yet to write their will, a large proportion of whom fail to realise that by not making a will they may inadvertently be leaving assets to people they may not want to receive them.
In 2013 alone the UK Government benefited from a record high £40.2 million in unclaimed estates due to the ‘bona vacantia’ or vacant goods law, this was over 3 times as much as the previous year.
Peter Corfield, Managing Director at RIAS said: “It’s clear from these findings that making a will is still a bit of a stumbling block for a lot of people over the age of 50.”
There is a lot of confusion about what happens to people’s estates if they die ‘intestate’. More than half of over 50's believe that their estates would go to their husband or wife, which in most cases would be true. However, if no will is in place, the law sets out who should deal with the deceased's affairs and who should inherit their estate. Passing away without a will can also mean higher taxes having to be paid by your beneficiaries on your assets.
So why do so many people find the prospect of writing a will too daunting and overly complicated?
Perhaps it’s because some people may not want to face the prospect of writing a will as they could see it as a sign of getting older; or the fact that over 50s have busy lifestyles, juggling many different things at once whether it be children, grandchildren, work or the household chores.
However taking the time to set up a will provides the individual with the power to decide exactly how their assets are distributed; instead of leaving it to be shared out according to the law which means your estate could pass to someone you hadn’t intended – or that someone you want to pass assets on to ends up with nothing.