UK Money News
25th July 2008
Reviewing wills regularly is important, states Consilium
Individuals should ensure they review their wills every five years, an expert has claimed.
Kevin Morgan, managing director of Consilium Financial Planning, said that individuals with wills should ensure they review what they have written every five years as well as when major lifestyle changes are made.
"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. There are still far too many intestacy cases," Mr Morgan said.
Intestacy laws in England and Wales indicate that when someone without a will dies, their spouse or civil partner will receive £125,000 from the estate of the dead person and interest on the value of half of the remainder of the estate.
Children over the age of 18 receive the other half of the estate. However, if the children are minors then this portion of the dead person's belongings will be put into trust.
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