Who are my beneficiaries?
Your beneficiaries are the people (or organisations such as charities) to whom you leave your assets when you pass away.
It is important to make a will so that you can give clear instructions about how you want your assets distributed. If you do not make a will, your assets will be divided according to strict legal rules (click here for more information).
You can, of course, leave your assets to whomever you choose.
Sometimes there will be people who will be disappointed if you do not leave anything to them. These people can potentially make a claim against your estate under the Inheritance (Provision for Family and Dependants) Act 1975.
Under this legislation, it is possible for certain categories of people to make claims against your estate on the basis that you have not made reasonable financial provision for them.
Such people may include your spouse or civil partner, your children, among others – including anyone at all who you may have maintained immediately prior to your death.
It is therefore important for you to obtain proper advice on the preparation of your will, including the possible consequences of you excluding certain categories of people.
At Hutton’s, our expert advisers will explain the scope of this legislation to you when discussing your wishes and preparing your will. We will guide you through the steps you can take to help reduce the risk of any successful claims being made.Back To News & Insights