A timely reminder about the importance of making a will, from Lesley Stevens
by Alexander Beard, on Jan 19, 2016 10:38:56 AM
Figures show that over 50% of adults with children in the US and UK do not have a Will in place. You are said to have died 'intestate'.
If you die intestate the results could be catastrophic for your family.
Should this happen, the state sets out who should deal with your affairs and who should inherit your estate (property, personal belongings and money). Each country has its own laws with regards to the distribution of assets in this situation. This takes on a particular significance should it occur whilst you are resident outside your home country.
Your estate could be exposed to the law of your country of residency. For expats, as an example, living in the UAE, there is a very simple reason to make a will.
The Government of Dubai’s official website states that ‘the UAE Courts will adhere to Sharia law in any situation where there is no will in place’. This means that if you die without a will or a succession plan, the local courts will examine your estate and distribute it according to Sharia law.
A wife who has children will qualify for only one-eighth of her deceased husband’s estate, and without a will or estate planning in place, this distribution will be applied automatically. All personal assets of the deceased, including bank accounts, will be frozen until liabilities have been discharged. Even shared assets will be frozen until the issue of inheritance is determined by the local courts.
By simply having a Will in place, potential additional distress for your loved ones could be avoided.
- Wills are comparatively inexpensive (compared to the financial consequences of intestacy).
- It is advisable to have your Will administered in your home country.
- An existing Will should be reviewed regularly to incorporate any change in circumstances.
For further information please contact - email@example.com
Please note that will and estate planning advice are not regulated by the Financial Conduct Authority.
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