In this week’s life insurance advice video Peter O’Grady talks about your life insurance policy and the effect of dying intestate. Firstly what is intestacy? If you die without leaving a legal will then your estate is in intestate and in such cases intestacy law will take over dictating what will happen to you estate.
According to the industry advisors website Competentadvisor.com approximately 80% of adults who die each year in the UK die without making a valid will. Making a will can be very simple and there is really no reason why anyone should die without having a legal will in place.
But what happens to your life insurance policy if you do die intestate? The intestacy process involves a valuation of the deceased estate. Dependant on the value of the estate it may be required to go through probate. If this is the case then the probate application inheritance tax forms must be completed and submitted.
Before probate is granted there is a formal interview at the probate registry office during which an oath must be sworn. Banks and other organisations will see the grant of probate before they allow access to the decease’s estate. Any debts owed by the estate must then be settled and only then will you be able to distribute the estate according to the rules of intestacy.
http://justlifeinsurance.com/life-insurance-advice-videos/dying-without-a-will/
-------------------------------------------------------------------------------------------------------------------
These guys seem to be on a roll, another informative video. Looking around the site it seems that articles are supposed to be posted with each video also, but no sign of them yet. Let’s hope they do!
No comments:
Post a Comment