01 September 2009
Failing to draw up a will 'prolongs division of assets'
Failing to draw up a will prolongs the process of dividing assets, it has been pointed out.
Writing in the Aberdeen Press and Journal, managing director of Alan Steel Asset Management Stephen Forbes said that a person's possessions are divided in accordance with the law and not their desires in such cases.
He stated: "It takes longer for an estate to be wound up when there is no will, because an administrator, usually a solicitor, needs to be appointed and they are required to distribute the estate in accordance with the law rather than the deceased's wishes."
The expert went on to emphasise the fact that it is less likely that the estates of the deceased will pass on to people or organisations that they would have wanted them to if a will has not been drawn up.
As such, Mr Forbes advised everyone, irrespective of their wealth, to get a will and to keep it simple.
Earlier this year, consumer group Which? found that 33 per cent of people aged over 45 were lacking wills.