Drafting a will is a 'good start'
24 July 2008
Britons should review their wills every five years, particularly if going through a major lifestyle change such as a divorce, one industry expert has commented.
Kevin Morgan, Managing Director of Consilium Financial Planning Limited, said that there were still far too many intestacy cases occurring.
In news that may be of interest to people considering writing a will, under English and Welsh laws, intestacy takes place when a person dies without leaving a will which results in their spouse or civil partner being left £125,000 from their estate.
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Children will receive the other half of the estate if they are aged over 18 and if they are minors it will be put in a trust fund.
These rules have not been updated since 1993 and now some surviving parents are calling for changes.
Mr Morgan said: "In our view wills should be reviewed every five years and certainly on divorce or other important lifestyle changes. A good start would be to ensure everyone had one."
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