A Will is essential if you’re relying on an inheritance windfall!
Recent research conducted by LV= found that 35% of working people were relying on receiving an inheritance to pay off their mortgage and other debts at retirement and to fund their retirement. Indeed 25% said they’d need to work for longer if they didn’t receive an inheritance windfall. Head of Wills and Probate, Linda Cummins considers this research.
“Survey after survey shows that many people put off writing a Will whether it be because they don’t think they’ve got a sufficiently large estate to need one or whether they just haven’t got around to it. With this research showing that a significant number of people are now relying on an inheritance to fund their retirement or settle their pre-retirement debts these people might find themselves in for a shock if their loved one dies intestate!
“If you die without writing a will your estate is subject to the Rules of Intestacy. These rules determine who can inherit from your estate, typically your next of kin in a fixed order. Some family members or loved ones could be entirely overlooked if the Rules of Intestacy were applied including step children and cohabiting partners. This means that some of those people who believe that they can expect an inheritance from someone who they feel is a close family member might in fact receive nothing at all.
“Although a discussion about making a Will might feel like a sensitive subject and one which it is difficult to broach the consequences of not raising the subject can be far reaching. Indeed many people are unaware of the impact of the Rules of Intestacy and don’t understand that unless they write a Will particular loved ones and dependents won’t be provided for as they would have wished and precious keepsakes might not end up with those who would value them.”
Content correct at time of publication