Don't risk your money - get the law on your side this year
14th Feb 2008
Each year thousands of well meaning people create heartache for themselves and their families at the same time as throwing away large amounts of money unnecessarily. Yet a few simple New Year resolutions could provide peace of mind for you and your loved ones.
New Year Resolution: make a will or bring your existing will up to date
Consider the example of former dental nurse Cyd Negus. She met businessman Henry Bahouse in 1995 and they planned to marry. He promised to provide for her but he suffered from depression and took his own life in 2005.
In the midst of her grief Ms Negus then received another blow, for it turned out that Mr Bahouse had not updated his will to include her. All his estate went to the children of his first marriage and she was left with nothing.
Ms Negus had no choice but to take legal action. The judge ruled in her favour saying that she had effectively been Mr Bahouse’s wife in all but name and he had intended to provide for her. She was awarded more than £600,000 with the rest of the £3m estate going to Mr Bahouse’s family.
It could be said that justice was done in the end but consider the two years of stress, heartache, time and money involved with two sides of a family pitted against each other in court at a time when they are all still grieving for someone they loved.
Yet it could all have been avoided if Mr Bahouse had only got round to the simple task of updating his will. If people don’t make a will then their estate will be divided up along rules laid down by law. It means large sums money may go to members of the family you wouldn’t choose to leave anything to and some could end up with the taxman.