How to hunt moneyBy Editor
So you’ve missed that 9am lecture but let’s face it there will be another one next week. So what to do now; well watch Heir Hunters of course.
The programme follows the stories of those fortunate enough to be granted ownership of the estate of someone who has died without making a Will, but there are millions of others that are not quite so fortunate.
Ok, we know your still at Uni but, what happens if you don’t make a Will?
The Rules of Intestacy decides who will obtain your assets after your death and considering the fact that these rules were created in 1925, it is not difficult to see why they do not properly reflect modern living arrangements and family ties.
Accordingly, these rules do make provisions for spouses, civil partnerships and biological children. They do not take the needs of unmarried partners, step-children, pets, friends or charities to which you may have be affiliated during your lifetime.
These rules have a strong legal basis and can often mean that a person’s assets are not distributed in a way that they would have seen fit, were they able to make such decisions beyond the grave. This could mean that those who would have wanted to be provided for will not be protected, nor indeed will the value of your estate be protected for one loved ones in the future.
The role of probate in inheritance
The term ‘probate’ refers to the way in which someone must be appointed to deal with the estate of the person who has died. Family members of the deceased can apply for a ‘grant of probate’, which when granted, entitles that person to the estate, although this could well be someone that the deceased would not have wished to leave any money to.
While preferable to losing what might be considered their rightful inheritance, the process can be lengthy and stressful at a time when they should really be working on getting through the grieving process. If you feel that you have a right to inherit the estate of a loved one who did not leave a Will, more information on how to apply for probate can be found by performing a simple Google search.
This is why it is highly advisable to write a Will.
The importance of having a Will professionally written
Wills are important legal documents and even the slightest error can invalidate them, which it is why there are many specialists in this area, with Saga Legal being one notable example.
So while you are watching Heir Hunters have a little thought towards the whole will issue.