It may only be January but many of us are already be thinking about our summer holidays in a bid to beat “the January blues”. At the top of most to do lists would be; booking the flights, finding accommodation and arranging the holiday insurance. But how many would include preparing their Will as a key part of the holiday preparations?

If you die without a Will the Intestacy Rules will determine who should inherit your estate. Having a Will and Lasting Power of Attorney in place before you go away, will give you some certainty and peace of mind.

Why is a Will so important when going on holiday?

Many of us travel on holiday with our whole family on the same plane, in the same taxi and to the same place, without thinking about what would happen if a disaster struck. Whilst it is not a pleasant thought to contemplate, what would happen to your money if all of your loved ones died with you? Or, if your child survived you, who would look after them?

Your Will can be used to address all of these scenarios and ensure that your wishes are carried out. For example, you can:

  • Choose your Executors (the people in charge of dealing with your estate).
  • Choose Guardians for any children under the age of 18 years.
  • Set out your funeral wishes.
  • Decide who should inherit your estate should some or all of your loved ones die with/before you.

If you die without making a valid Will the Intestacy Rules will apply.

What are the Intestacy Rules?

The Intestacy Rules set out a specific order in which your relatives will inherit your estate, should they survive you. If all of your immediate family have died, then this could mean that more distant relatives would inherit, and this may not be your wish. There is no provision in the Intestacy Rules for step-children, non-family or charities/organisations. If there is no family at all, your money may pass to the Crown.

Lasting Powers of Attorney

Another essential part of holiday planning is making sure that you have Lasting Powers of Attorney in place. If, you were to fall ill or have an accident whilst on holiday, you could lose the mental capacity required to make decisions for yourself regarding your health and finances. Lasting Powers of Attorney are legal documents which enable you to decide who you would want to make these decisions for you, should the need arise.

If you would like to discuss preparing or updating your Will to ensure that it reflects your current circumstance and wishes and/or Lasting Powers of Attorney, please do not hesitate to contact me on 01530 564 498 or c.day@timms-law.com.