What happens if we all die together?

Tragedies happen, I’m afraid. Just pick up any newspaper or watch the news on TV. Yes, the chances of you personally being involved are low. But planning for all eventualities can at least ease some of the pain of those you leave behind.

Something often overlooked in do-it-yourself wills is a residue clause. But it’s a subject close to the heart of any decent will writer. You may have made specific bequests but what happens to the remainder? And what happens if a named beneficiary dies before you or at roughly the same time?

Your will should reflect this. For example, if a beneficiary dies, the bequest passes to their children or grandchildren. We always recommend a third or fourth residue backup clause. If no family members survive, you may want your estate to pass to friends or a charity.

Without a residue clause, the rules of intestacy apply to any money or possessions remaining. And that could mean part of your estate not going to whom you intended. Friends and charities would certainly be frozen out.

Make sure your will covers all eventualities by contacting Heritage Will Writing on 02380 879243.