Why Jackson's death demonstrates the importance of making a will
16th July 2009 by: David Maxwell
The sudden death of Michael Jackson demonstrates the huge importance of having a will in place – whatever your age.
Many people simply suffer from 'will apathy'. This is understandable, however, it is to be hoped that the death of the King of Pop will serve as a warning to those who are unaware that their estate could fall into the wrong hands if they do not make a will.
A will made by Jackson in 2002 has been recovered, but a protracted court battle could still take place if its validity is challenged.
Research by Which? found that 56 per cent of people have not made a will, with a third of this group over the age of 45.
Worryingly, 35 per cent of Britons over the age of 65 said they had not made a will because they felt they didn't need one.
A legal spokesman for Which? noted that "If you die without getting your affairs in order, your money, personal belongings and even your home could go to the person you least want to have them and your loved ones could lose out."
Some 66 per cent of consumers were unaware that if a couple are not married then their children could inherit everything if one partner dies, leaving the remaining partner with nothing – or a potential court battle with the children for a share of the estate.
Furthermore, 77 per cent were unaware that if both parents die and no will is in place, the courts could have a say in their childrens’ future because no guardians would have been appointed.
Which? also revealed that 43 per cent were unaware that if a married couple separate but do not divorce, and one of them subsequently dies, the surviving spouse could inherit the bulk of their estate in precedence to a new partner or even the children of the marriage.
Many people simply suffer from 'will apathy'. This is understandable, however, it is to be hoped that the death of the King of Pop will serve as a warning to those who are unaware that their estate could fall into the wrong hands if they do not make a will.
A will made by Jackson in 2002 has been recovered, but a protracted court battle could still take place if its validity is challenged.
Research by Which? found that 56 per cent of people have not made a will, with a third of this group over the age of 45.
Worryingly, 35 per cent of Britons over the age of 65 said they had not made a will because they felt they didn't need one.
A legal spokesman for Which? noted that "If you die without getting your affairs in order, your money, personal belongings and even your home could go to the person you least want to have them and your loved ones could lose out."
Some 66 per cent of consumers were unaware that if a couple are not married then their children could inherit everything if one partner dies, leaving the remaining partner with nothing – or a potential court battle with the children for a share of the estate.
Furthermore, 77 per cent were unaware that if both parents die and no will is in place, the courts could have a say in their childrens’ future because no guardians would have been appointed.
Which? also revealed that 43 per cent were unaware that if a married couple separate but do not divorce, and one of them subsequently dies, the surviving spouse could inherit the bulk of their estate in precedence to a new partner or even the children of the marriage.
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