An impending holiday, for some reason, gives rise to those irrational thoughts of a possible disaster (maybe it’s due to the common anxiety that comes with flying!). This often results in clients coming to us in a last minute panic as they realise their Will is not up-to-date!
It’s quite common now for three generations of the same family to go on holiday together. People commonly provide for their main beneficiaries to inherit and perhaps have one reserve clause. An example would be leaving to your children and in the event that something happens to them, the grandchildren would inherit instead. But does your will cover unusual events which may result in beneficiaries dying in an unexpected order? Should part of your estate end up falling to a minor, what age can they inherit it and who will look after it for them until they come of age?
If the beneficiaries under your Will die before you or at the same time as you, does your Will state what is to happen to your estate in that scenario? If there are no beneficiaries left the Intestacy Rules will apply. These are the legal rules which set out the order of entitlement to an estate where there is no Will or the Will is insufficient.
The rules set out a pecking order of blood relatives who will inherit and in what shares. If there are no blood relatives left then the estate will go to the Crown. The Intestacy Rules will often lead to an unsatisfactory outcome and instead people choose to insert a “doomsday clause” into their Will, which provides for a worst case scenario. In the event that their nearest and dearest are unable to benefit, they have peace of mind that their estate is going to a place of their choice. This could be to more distant relatives of your choice, family friends or charities.
It’s a good idea to have your wills constantly reviewed but in the event that you find your Will is not up-to-date and this will make you uneasy while travelling, please do not hesitate to contact us so that we can undertake a review. We can quickly assist you with updating your Will or even putting one in place if you don’t have one.