From time to time we hear a sad tale about someone who has died and failed to make a will. If there is no will, the Administration Act 1969 takes over and the result can be most unsatisfactory. Often people delay making a decision because they have a difficult situation to resolve and cannot find a solution. What should they do?
It will cost you , but the sensible thing to do is to sort it out with a qualified, independent third person such as your solicitor. You never know, perhaps a family trust would work.
You don’t have to leave your possessions and assets directly to a person. An entity such as a trust can sometimes be a good solution.
Don’t procrastinate over making your will. You can always change it. If you are going to remarry or enter a de facto relationship, renew your will because your old will is revoked on starting the new relationship.
- July 2012, Trial Balance Issue 39