Almost 1 billion will be left abandoned in bank accounts this year alone by people who die without a Will. According to the rules of intestacy that dictate the distribution of assets when someone dies without a Will in place, the banks must freeze their accounts until a beneficiary is decided.
However, banks are allowed to release cash if it amounts to less than a certain amount - which is determined at the banks’ discretion.
Research published earlier this year found that most adults in the UK lack Wills, including three-quarters of people in their 30s.*
Contact a member of our Private Client team if you would like to discuss making a Will.
(*Source: Money Observer)