What happens to your money and property after you die? If you have made a will, it is distributed according to your directions.
What happens if I do not make a will?
If you do not make a will, it will be distributed according to a formula in government legislation. If there is no one who is entitled to receive it, it will be forfeited to the crown. Dying without a will is called dying ‘intestate”.
What is estate planning?
Making plans for your assets after you die is called estate plannning. It includes making a will. Estate planning includes other actions, such as re-structuring assets and creating trusts while you are alive.
How is estate plannning different to making a will?
Making a will is part of estate planning. For a lot of people, making a will is all the estate planning they need to do. Sometimes, there are things you can do in addition to making your will that will save tax and make things easier for your loved ones after you die.
How do I make a will?
Speak to a solicitor about making a will. Tell them about your assets, and how you want them to handled after you die. Your solicitor will then be able to make some recommendations about what kind if will you need. They will also be able to make suggestions about other estate plannning actions you can take.