Sobering research from the Money and Pension service has found that 53% of adults aged 50-64 do not have a will and this means that if they were to pass away, it would be considered an intestate death and their estate would be distributed in accordance with intestacy rules rather than in accordance with their own preferences.
Why is dying intestate a problem?
If you pass away and have not written a will, your estate will be distributed in accordance with intestacy laws which do not recognise unmarried partners, step children or close friends who you may wish to inherit. Instead, your assets will be distributed among your closest living blood relatives or given to the Crown under a process known as bona vacantia.
Is a will necessary if you have a power of attorney?
Yes, a UK power of attorney, such as that obtained through firms like https://powerofattorneyonline.co.uk/ only applies while you are alive, granting someone of your choice the ability to manage your healthcare and finances in accordance with your wishes.
However a power of attorney becomes immediately null and void upon your death and your wishes can then only be carried out if you have a valid will. Your chosen attorney can also be nominated as your will’s executor but these are separate legal processes and you must get your wishes formally recorded in both instances if you wish for your estate to be handled by someone else while you are alive and distributed in accordance with your preferences after your death.
